Yemi Adedeji, Abuja
The National Bureau of Statistics (NBS) has revealed that inflation rate in Nigeria has again dropped from 15.98 per cent in September to 15.91 per cent in October.
The country’s October inflation rate, according to NBS report which was measured by Consumer Price Index (CPI), showed a record of 0.07 per cent points lower than the 15.98 per cent rate recorded in September.
The latest index marks the ninth consecutive decline or slowdown in the inflation rate. However, it is still positive in headline year-on-year inflation, since January.
The NBS explained that the average headline month-on-month inflation for the first five months of the year stood at 1.54 per cent.
It added that the average headline month-on-month inflation for the next five months of the year being June to October 2017, stood at 1.06 per cent, showing disinflation from June to date, compared to from January to May 2017.
The NBS made this known on Wednesday in Abuja at CPI October 2017 report.
The Bureau stated: “Going by this report, increases were recorded in all the classification of individual consumption by purpose (COICOP) divisions that yielded the Headline Index.
“An average headline year on year inflation was recorded for the first five months of the year (January to May 2017) which stood at 17.45 per cent. On the average headline year on year inflation for the next five months, June to October, of the year likewise stood at 16.01 per cent.
“The values indicated disinflation from June to date, compared to from January to May 2017.
On a month-on-month basis, 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,” it added.
This development also marked the fifth consecutive month-on-month contraction in headline inflation since May 2017.