The National Bureau of Statistics (NBS) said inflation rate, measured by the Consumer Price Index (CPI), has dropped to 15.91 per cent in October from 15.98 recorded in September.
The NBS made this known in its ...Consumer Price Index (CPI), October, 2017 Report'' released yesterday in Abuja.
The CPI, which measured inflation, increased by 15.91 per cent (year on Year) in October 2017
According to the bureau, this is 0.07 per cent points lower than the rate recorded in September (15.98) per cent.
It said the index made it the ninth consecutive decline or slowdown in the inflation rate, though still positive in headline year-on-year inflation, since January.
According to the report, increases have been recorded in all the classification of individual consumption by purpose (COICOP) divisions that yielded the Headline Index.
The NBS said there was an average headline year on year inflation for the first five months of the year (January to May 2017) which stood at 17.45 per cent.
It said average headline year on year inflation for the next five months of the year (June to October 2017) also stood at 16.01 per cent.
The report further said the values indicated disinflation from June to date, compared to from January to May 2017.
On a month-on-month basis, the report noted 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.
The report said this development represented the fifth consecutive month-on-month contraction in headline inflation since May 2017.
It said average headline month-on-month inflation for the first five months of the year (January to May 2017) stood at 1.54 per cent.
The NBS said the average headline month-on-month inflation for the next five months of the year (June to October 2017), stood at 1.06 per cent, indicating disinflation from June to date, compared to from January to May 2017.
...While average month on month food inflation for the first five months of the year (January to May 2017) stood at 2.01 per cent, average month on month food inflation for the next five months of the year (June to October 2017), stood at 1.27 per cent indicating a general slowdown in the rise in food prices from June to date compared to from January to May 2017, though the rate of price increases has remained generally higher on a year on year basis," NBS said.
Headline inflation was highest in Bauchi state (23.87 per cent) while the lowest was recorded in Kogi state (9.83 per cent). Food inflation was highest in Kwara state at 26.27 per cent and lowest in Kogi state at 11.61 per cent.
The federal government set the inflation benchmark for 2018 at 12.4 per cent in the proposal submitted to the National Assembly by President Muhammadu Buhari on November 7
