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Nigeria’s inflation drops marginally to 11.26 percent

Nigeria’s inflation rate, which climbed marginally to about 11.28 percent in September, dropped slightly to 11.26 percent in October, the latest National Bureau of Statistics (NBS) Consumer Price Index (CPI) report said on Wednesday.

The CPI, which measures inflation rate for goods and services in the Nigerian economy, decreased by 11.26 percent (year-on-year) in October 2018, about 0.02 percent points lower than the rate recorded in September 2018.

On a month-on-month basis, the report said deadline inflation index increased by 0.74 percent in October 2018, down by 0.09 percent points from the rate recorded in September 2018 (0.83) percent.

The report said increases were recorded in all 12 classifications of individual consumption by purpose (COICOP) divisions that yielded the headline index.

The percentage change in the average composite CPI for the 12 months period ending October 2018 over the average of the CPI for the previous 12 months period, the report said, was 12.78 percent, from 13.16 percent recorded in September 2018.

The urban inflation rate increased by 11.64 percent (year-on-year) in October 2018 from 11.70 percent recorded in September 2018, while the rural inflation rate increased by 10.93 percent in October 2018 from 10.92 percent in September 2018.

On a month-on-month basis, the urban index rose by 0.76 percent in October 2018, from 0.86 percent recorded in September, while the rural index also rose by 0.72 percent in October 2018, down from the rate recorded in September 2018 (0.82) percent.

In August, headline inflation rate rose from 11.14 percent in July to 11.23 percent after maintaining 18 consecutive declines from about 17.78 percent in February 2017.

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The rate again recorded a marginal increase by 0.05 percent, from 11.23 percent in August to 11.28 percent in September 2018, about 0.84 percent rise on a monthly basis.

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