Inflation rate falls to 11.26% in October
The National Bureau of Statistics (NBS) Wednesday reported that inflation rate dropped from the 11.28 per cent to 11.26 per cent.
This was revealed in NBS’s Consumer Price Index Report which is used in measuring inflation Food prices in Nigeria.
“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 report stated.
“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.” it added.
The CPI also revealed that four states of the country experienced negative inflation between September and October 2018.
“On month on month basis however, October 2018 food inflation was highest in Kogi (2.28%), Plateau (2.42%) and Nasarawa (2.17%), while Akwa Ibom, Benue, Kwara and Ondo all recorded food price deflation or negative inflation (general decrease in the general price level of goods and services or a negative inflation rate) in October 201
It also stated that “the composite food index rose by 13.28 percent in October 2018 compared to 13.31 percent in September 2018.”
“In October 2018, food inflation on a year on year basis was highest in Bayelsa (16.36%), Abuja (15.85%) and Taraba (15.27%), while Bauchi (12.17%), Oyo (11.76%) and Plateau (11.36%) recorded the slowest rise in food inflation,” it noted.
However, the urban inflation rate stood at 11.64% compared to 11.70% in September while rural inflation increased to 10.93% in October from 10.92% in September 2018.