By Peter OBIORA InvestAdvocate

Lagos (INVESTADVOCATE)- Nigeria’s  inflation dipped 1.06 percent to 9.3 percent year-on-year (Y-o-Y) in October from 9.4 percent recorded in September 2015, according to the National Bureau of Statistics (NBS) latest Consumer Price Index (CPI).

“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,” the NBS said in the report.

According to the Nigeria’s statistics office, on a month-on-month basis, the Headline index slowed in October as the seasonal effects of the Muslim festive period dissipated. The index increased by 0.4 percent, 0.2 percent points lower from 0.6 percent in September, surpassing the lowest pace recorded this year which was recorded in September.

It affirmed all indices which contribute to the index increased at a slower pace (month-on-month) in October with the exceptions being the Transport and Communications divisions.

The report says in October, both the Urban and Rural indices slowed (year-on-year). “The urban index increased by 9.4 percent from 9.5 percent in September, while the Rural increased by 9.2 percent in October from 9.3 percent in September. On a month-on-month basis, both the Urban and Rural indices slowed. The Urban Index increased by 0.4 percent in October, from 0.7 percent in September, while the Rural index increased by 0.4 percent in October, from 0.5 percent 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%, marginally higher from the 8.7% rate recorded in September. The corresponding twelve-month year-on-year average percentage change for the Urban index increased marginally from 8.7% in September to 8.8% in October, while the corresponding Rural index also edged higher to 8.7% in October from 8.6% in September,” the CPI report affirmed.