James Emejo in Abuja

The Consumer Price Index (CPI) which measures the rate of change in prices of goods and commodities eased to18.02 per cent in September from 20.12 per cent the preceding month, the National Bureau of Statistics (NBS) said Wednesday.
Year on year, headline inflation stood at 14.68 per cent, lower than 32.70 per cent in September 2024.
According to the CPI report for the month under review, which was released by the statistical agency, the 2.1 per cent drop in inflation followed moderation in food and energy prices.
This is also not unconnected to the relative stability in Foreign Exchange (FX).
However, month-on-month, inflation stood at 0.72 per cent in September, lower than 0.74 per cent in August.
Year on year, food inflation stood at 16.87 per cent I’m September, compared to 37.77 per cent in the corresponding period of 2024.
NBS however, explained that the significant decline in the annual food inflation figure was technically due to the change in the base year.
Month-on-month, the food index inflation was -1.57 per cent down from 1.65 per cent in August.
The decline was attributed to the rate of decrease in the average prices of maize, grains, garri, beans, millet, potatoes, onions, eggs, tomatoes, fresh pepper among others.
The “All items less farm produces and energy” or Core inflation, which excludes the prices of vola-tile agricultural produces and energy stood at 19.53 per cent, year on year in September compared to 27.43 recorded in September 2024.
Month-on-month, core inflation stood at 1.42 per cent in September compared to 1.43 per cent in August.

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