The Consumer Price Index which measures the rate of inflation in the country dropped to 8.3 per cent in September from 8.5 per cent that it was in August.
According to the National Bureau of Statistics’ September 2014 CPI/Inflation Report released on Tuesday in Abuja, the Bureau said that inflation rate fell by 0.2 per cent and this was the first ease in the rate of increase in food prices after increases in the previous six months.
“In September 2014, price increases as observed by the CPI which measures inflation eased from the previous month. Prices rose by 8.3 per cent (yea r-on- year), down by 0. 2 percentage points from 8.5per cent recorded in August.
“The weakened pace of price increases recorded in the headline index in September was as a result of slower increases in food prices as well as other major classification of individual consumption by purpose divisions that yield the headline index.
“This was in contrast to observations in August were a broad array of food groups that contribute to the index pushed the index higher. Increase in prices in the All Items less Farm Product or Core sub-index moved at the same pace for the second consecutive month at 6.3 per cent (year- on- year).
“Prices eased in key divisions such as the housing, water, electricity, gas and other fuels as a result of muted increases in housing prices. The division however recorded an increase in prices in the liquid fuels groups,” it said.
It added that on a month-on-month basis, the headline index rose by 0. 55 per cent in September, up from 0.48 per cent in August, a marginal uptick from the previous month.
