Nigeria’s inflation rate drops from 15.98% to 15.91% in October, NBS report shows

The latest National Bureau of Statistics (NBS) report shows that inflation rate in Nigeria has further dropped from 15.98 per cent recorded in September to 15.91 per cent in October.

The NBS made this revelation in its Consumer Price Index (CPI) October 2017 report announced Wednesday in Abuja.

It said that the nation’s October inflation rate, which was measured by CPI, showed a record of 0.07 per cent points lower than the 15.98 per cent rate recorded in September.

According to the bureau, the latest index marks the ninth consecutive decline or slowdown in the inflation rate. However, it is still positive in headline year-on-year inflation, since January.

Going by this report, increases were recorded in all the classification of individual consumption by purpose (COICOP) divisions that yielded the Headline Index.

The NBS explained that an average headline year on year inflation was recorded for the first five months of the year (January to May 2017) which stood at 17.45 per cent.

On the average headline year on year inflation for the next five months, June to October, of the year likewise stood at 16.01 per cent.

Also, the values indicated disinflation from June to date, compared to from January to May 2017, the report said.

The report further showed that on a month-on-month basis, that the headline index increased by 0.76 per cent in October 2017, 0.02per cent points lower from the rate of 0.78 per cent recorded in September.

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This development according to the report marked the fifth consecutive month-on-month contraction in headline inflation since May 2017.

The NBS explained that the average headline month-on-month inflation for the first five months of the year stood at 1.54 per cent.

It added that the average headline month-on-month inflation for the next five months of the year being June to October 2017, stood at 1.06 per cent, showing disinflation from June to date, compared to from January to May 2017.

 

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