The Consumer Index Report released by the National Bureau of Statistics has shown that Nigeria’s inflation rate dropped by 11.26 percent in October 2018
The drop represents 0.02 percent point lower than the 11.28 per cent recorded in September 2018.
According to the CPI report released by the Bureau on Wednesday, it was indicated that increases were recorded in all divisions that yielded the Headline index.
On month-on-month basis, the Headline index increased by 0.74 per cent in October 2018, down by 0.09 percent points from the rate recorded in September 2018 0.83 per cent.
The report showed that 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 per cent, from 13.16 per cent recorded in September 2018.
The urban inflation rate increased by 11.64 per cent in October 2018 from 11.70 per cent recorded in September 2018, while the rural inflation rate increased by 10.93 percent in October 2018 from 10.92 per cent in September 2018.
On a month-on-month basis, the urban index rose by 0.76 per cent in October 2018, from 0.86 per cent recorded in September, while the rural index also rose by 0.72 per cent in October 2018, down from the rate recorded in September 2018 0.82 per cent.
The composite food index rose by 13.28 per cent in October 2018 compared to 13.31 per cent in September 2018.
Analysis of the report showed that 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 Oil and Fats.
