BREAKING: Nigeria’s Inflation Drops to 11.26% in October

By Dipo Olowookere

Inflation rate in Nigeria declined to 11.26 percent in the month of October 2018 after rising for two consecutive months; August and September.

According to data released on Wednesday morning by the National Bureau of Statistics (NBS), the inflation dropped to 11.26 percent from 11.28 percent recorded in September 2018.

Business Post reports that on month-on-month basis, the headline index increased by 0.74 percent in October 2018, down by 0.09 percent points from the rate recorded in September 2018 (0.83) percent. The percentage change in the average composite CPI for the twelve months period ending October 2018 over the average of the CPI for the previous twelve months period was 12.78 percent, from 13.16 percent recorded in September 2018.

The urban inflation rate increased by 11.64 percent (year-on-year) in October 2018 from 11.70 percent recorded in September 2018, while the rural inflation rate increased by 10.93 percent in October 2018 from 10.92 percent in September 2018.

On a month-on-month basis, the urban index rose by 0.76 percent in October 2018, from 0.86 percent recorded in September, while the rural index also rose by 0.72 percent in October 2018, down from the rate recorded in September 2018 (0.82) percent.

However, Nigeria’s Statistician General, Mr Yemi Kale, disclosed on Wednesday that food inflation jumped to 13.38 percent year-on-year in October from 13.31 percent in September, with the core inflation increased to 9.9 percent year-on-year in October from 9.8 percent.

This rise in the food index was caused by increases in prices of Fruits, Meat, Vegetables, Potatoes, yam and other tubers, Bread and cereals, and Oils and Fats.

On month-on-month basis, the food sub-index increased by 0.82 percent in October 2018, from 1.00 percent recorded in September. The average annual rate of change of the Food sub-index for the twelve-month period ending October 2018 over the previous twelve-month average was 15.36percent, from the average annual rate of change recorded in September (15.92) percent.