Inflation Rates Drop From 9.4% To 9.3% In October – NBS

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The National Bureau of Statistics on Sunday released the Consumer Price Index for the month of October stating that the country’s inflation rate experienced a marginal decrease from 9.4 per cent in September to 9.3 per cent.

The bureau in the report explained that the slower pace in October was as a result of lower increases in most divisions, which contributed to the headline index with the exceptions being transport, recreation and culture divisions.

It said the food sub-index stood at 10.1 per cent during the month, from 10.2 per cent recorded in September.

It said, “The food sub- index was weighted upon as a result of a slower increase in the bread and cereals; milk, egg and cheese; and potatoes, yams and other tuber groups, the latter which has increased at a slower pace for five consecutive months.

“In October, the Consumer Price Index which measures inflation increased by 9.3 per cent (year-on-year).

“This was marginally lower from the rate recorded in September; 9.4 per cent. The slower pace in October was as a result of lower increases in most divisions which contribute to the Headline index with the exceptions being Transport, and Recreation and Culture divisions.”

In October, the report stated that both the urban and rural indices slowed (year-on-year).

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It said the urban index moved to 9.4 per cent from 9.5 per cent in September, while the rural index also stood at 9.2 per cent in October from 9.3 per cent in September.

It said, “On a month-on- month basis, both the urban and rural indices slowed. The urban index increased by 0.4 per cent in October, from 0.7 per cent in September, while the rural index increased by 0.4 per cent in October, from 0.5 per cent in September.

“The percentage change in the average composite CPI for the twelve- month period ending in October over the average of the CPI for the previous twelve-month period was 8.8 per cent, marginally higher from the 8.7 per cent rate recorded in September.”

Meanwhile, the NBS released the petrol price watch for the month of October stating that on the average, the product sold at N93.48 per litre.

The report is based on the actual amount spent by households in the purchase of petrol across the federation.

According to the report, consumers bought the product at N93.39 per liter in Zamfara State, N111 in Bayelsa State, N92.56 in Abia State and N108.2 in Abuja

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