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Inflation rate in October 15.99% higher than a year ago

. As food index peaks at 18.34%

Consumer price index (CPI), which measures inflation, increased by 15.99% (year-on-year) in October 2021.

The rate of rise is 1.76% points higher than the rate recorded in October 2020 (14.23%), according to the CPI report released yesterday by the National Bureau of Statistics (NBS).

Increases were recorded in all COICOP divisions that yielded the Headline index, the report added.

This is just as the composite food index rose by 18.34% compared to 17.38% year-on-year

Although on a month-on-month basis, the Headline index increased by 0.98% in October, or 0.17% lower than the rate recorded in September 2021 (1.15%).

The NBS attributed the rise in the food index to increases in prices of Food product n.e.c, Coffee, tea and cocoa, milk, cheese and eggs, bread and cereals, vegetables and potatoes, yam and other tubers.

According to the Bureau, the percentage change in the average composite CPI for the 12 months period ending October 2021 over the average of the CPI for the previous 12 months period was 16.96%, showing 0.13% point from 16.83% recorded in September 2021.

The rise in the food index was caused by increases in prices of food products n.e.c, coffee, tea and cocoa, milk, cheese and eggs, bread and cereals, vegetables and potatoes, yam and other tubers.

The report also showed that price increases were higher in the urban areas compared to the rural areas during the period in review. “The urban inflation rate increased by 16.52% (year-on-year) in October 2021 from 14.81% recorded in October 2020, while the rural inflation rate increased by 15.48% in October 2021 from 13.68% in October 2020.”

Still, on a month-on-month basis, the urban index rose by 1.02% in October 2021, down by 0.19 percentage point the rate recorded in September 2021 (1.21%), while the rural index also rose by 0.95% in October 2021, down by 0.15 percentage point the rate that was recorded in September 2021 (1.10%).

The twelve-month year-on-year average percentage change for the urban index is 17.53% in October 2021. This is higher than 17.41% reported in September 2021, while the corresponding rural inflation rate in October 2021 is 16.39% compared to 16.26% recorded in September 2021.  

The “All items less farm produce” or Core inflation, less the prices of volatile agricultural produce stood at 13.24% in October 2021, up by 2.10 percentage points when compared with 11.14% recorded in October 2020.

On a month-on-month basis, the core sub-index increased by 0.80% in October 2021, down by 0.44% point when compared with 1.24% recorded in September 2021.

“The highest increases were recorded in prices of Gas, Fuels and lubricants for personal transport equipment, vehicle spare parts, non-durable household goods, solid fuel, passenger transport by road, passenger transport by air, garments, cleaning, repair and hire of clothing, major household appliances whether electric or not, wine, clothing materials, other articles of clothing and clothing accessories and liquid fuel.”

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