Inflation rate drops to 15.91% in October – NBS

By Etuka Sunday

National Bureau of Statistics (NBS) yesterday disclosed that inflation rate, measured by the Consumer Price Index (CPI), has dropped nine consecutively to 15.91 per cent in October from 15.98 recorded in September.
The NBS in its “CPI Oct. 2017 Report’’ released in Abuja said: “the Consumer Price Index (CPI) which measures inflation increased by 15.91 percent (year-on-year) in October 2017, lower than the rate recorded in September (15.98) percent making it the ninth consecutive disinflation (slowdown in the inflation rate) in headline year on year inflation since January 2017.”
It said, on a month-on-month basis, the Headline index increased by 0.76 percent in October 2017, 0.02 percent points lower from the rate of 0.78 percent recorded in September. This represents the fifth consecutive month on month contraction in headline inflation since May 2017.
The Bureau said: “the Food Index increased by 20.31 percent (year-on-year) in October, down marginally by 0.01 percent points from the rate recorded in September (20.32 percent).
“On a month-on-month basis, the Food sub-index increased by 0.85 percent in October, down from 0.87 percent recorded in August. This represents the fifth consecutive disinflation in month on month inflation since a 2017 high of 2.57% in May 2017. October 2017 also represents the lowest recorded month on month inflation since September 2016.”
On prices of PMS and Diesel, NBS said, an average price paid by consumers for automotive gas oil (diesel) increased by 9.28% month-on-month and 7.85% year-on-year to N201.96 in October 2017 from N184.80 in September 2017.
States with the highest average price of diesel according to the Bureau, were Jigawa (N222.08) Zamfara (N218.75) and Adamawa (N217.50) States with the lowest average price of diesel were Cross River (N190.29), Delta (N190.06) and Borno (N189.69).