Nigeria’s inflation down 0.7% to 15.91% in October

The National Bureau of Statistics (NBS) has said that inflation rate, measured by the Consumer Price Index (CPI), has further dropped to 15.91 per cent in October from 15.98 recorded in September.

The NBS disclosed this in its “CPI October 2017 Report’’ released on Wednesday in Abuja. The CPI, which measured inflation, dropped by 0.7 per cent (year on Year) in October 2017

The NBS 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 further revealed that 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.