Inflation rate drops by 0.02% in October – NBS
The consumer price index, CPI, which measures inflation dropped to 11.26percent in October 2018, being 0.02percent points lower than the 11.28percent recorded in September 2018.
The National Bureau of Statistics, NBS, in its latest “CPI and Inflation Report” for October, reports that Headline index dropped by 0.09 per cent points in October to hit 0.74percent (month-on-month) from the 0.83percent recorded in September this year.
According to the Bureau, the percentage change in the average composite CPI for the 12 months period ended October over the average of CPI for the previous 12 months period was 12.78 percent in the period under review from 13.55 percent recorded in September.
The report shows that urban inflation rate decreased to 11.64 percent (year-on-year) in October from 11.70 per cent recorded in September, while the rural inflation rate increased by 10.93percent in October 2018 from 10.92percent in September 2018.
On a month-on-month basis, the urban index rose by 0.76percent 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 composite food index rose by 13.28percent in October 2018 compared to 13.31 percent in September 2018.
Analysis of the report showed that this rise in the food index was caused by increases in prices of fruits, meat, vegetables, potatoes, yam and other tubers, bread and cereals, and oils and fats.
On month-on-month basis, the food sub-index increased by 0.82percent in October 2018, from 1.00percent recorded in September.
The average annual rate of change of the Food sub-index for the 12-month period ending October 2018 over the previous 12-month average was 15.36 percent, from the average annual rate of change recorded in September (15.92 percent).
The Core inflation, which excludes the prices of volatile agricultural produce stood at 9.9percent in October 2018, up by 0.1percent from the rate recorded in September 2018 (9.8 percent).
On month-on-month basis, the core sub-index increased by 0.80 percent in October 2018 compared with 0.64 percent recorded in September 2018.
The highest increases were recorded in prices of fuel and lubricants, vehicle spare parts, domestic and household services, carpets and other floor coverings, dental services, hospital services, repair of household appliances and medical services.
On month-on-month basis, for October 2018, all items inflation was highest in Plateau (two percent), Jigawa (1.97 percent), and Bauchi (1.67 percent), with Akwa Ibom Kwara and Ondo recording negative inflation or price deflation (general decrease in the general price level of goods and services or a negative inflation rate) in October 2018.