November 21, 2018
By Peter OBIORA InvestAdvocate
Lagos (INVESTADVOCATE)-Nigeria’s inflation rate has slowed to 11.26 percent year-on-year in October, 0.02 percent points lower from the 11.28 percent recorded in September 2018, according to the latest report from the National Bureau of Statistics (NBS).
The NBS report says that increases were recorded in all Classification of Individual Consumption by Purpose (COICOP) divisions that yield the Headline Index.
According to the report, on a month-on-month basis, the headline 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 percentage change in the average composite CPI for the twelve months period ending October 2018 over the average of the CPI for the previous twelve months period was 12.78 percent, from 13.16 percent recorded in September 2018,” the NBS added.
The nation’s statistics office said 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,” the report added.
The NBS further reports that the the composite food index rose by 13.28 percent in October 2018 compared to 13.31 percent in September 2018.
“On month-on-month basis, the food sub-index increased by 0.82 percent in October 2018, from 1.00 percent recorded in September,” the NBS added
According to the report, the average annual rate of change of the Food sub-index for the twelve-month period ending October 2018 over the previous twelve-month average was 15.36percent, from the average annual rate of change recorded in September (15.92) percent.
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