Nigeria's inflation rate drops marginally to 15.91 per cent in October

Nigeria’s inflation rate has dropped to 15.91 per cent in the month of October, indicating a marginal drop from 15.98 recorded in September.

Figures released by the National Bureau of Statistics shows that  the Consumer Price Index (CPI), which measures inflation rate, makes  it the ninth consecutive decline or slowdown in the inflation rate, though still positive in headline year-on-year inflation, since January.

The NBS disclosed this in its “CPI Oct. 2017 Report'' released on Wednesday in Abuja.

The report shows increases have been recorded in all the classification of individual consumption by purpose (COICOP) divisions that yielded the Headline Index.

The NBS said there was an average headline year on year inflation for the first five months of the year (January to May 2017) which stood at 17.45 per cent.

It said average headline year on year inflation for the next five months of the year (June to October 2017) also stood at 16.01 per cent.

The report further said the values indicated disinflation from June to date, compared to from January to May 2017.

On a month-on-month basis, the report noted that the headline index increased by 0.76 per cent in October 2017, 0.02per cent points lower from the rate of 0.78 per cent recorded in September.

The report said this development represented the fifth consecutive month-on-month contraction in headline inflation since May 2017.

It said average headline month-on-month inflation for the first five months of the year (January to May 2017) stood at 1.54 per cent.

The NBS said the average headline month-on-month inflation for the next five months of the year (June to October 2017), stood at 1.06 per cent, indicating disinflation from June to date, compared to from January to May 2017.