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Nigeria’s inflation rate drops in October – NBS

The National Bureau of Statistics (NBS) says the Consumer Price Index (CPI), which measured inflation for October decreased to 0.74 per cent (month-on-month) from 0.83 per cent recorded in September.

The NBS disclosed this in its “CPI and Inflation Report” for October released in Abuja on Wednesday.

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According to the Bureau, the figure is 0.09 per cent points less than the rate recorded in September.

It said that the percentage change in the average composite CPI for the 12 months period ended October over the average of CPI for the previous 12 months period.

It, however, measured the CPI at 12.78 per cent in the period under review from 13.55 per cent recorded in September.

It said the urban inflation rate decreased to 11.64 percent (year-on-year) in October from 11.70 per cent recorded in September.

It further said that the rural inflation rate increased by 10.93 per cent in October from 10.92 per cent recorded in September.

On a month-on-month basis, the NBS said the urban index decreased to 0.76 per cent in October, from 0.86 per cent recorded in September.

“The rural index also rose by 0.72 per cent in October, down from the rate recorded in September (0.82) per cent.’’

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