Nigeria’s inflation rate drops to 11.26% for the first time in three months in October

• Nigeria’s inflation rate drops to 11.26% for the first time in three months in October
• Price growth still above CBN’s band target of 6% and 9%.

Nigeria’s annual inflation rate dropped to 11.26 per cent in October from 11.28 per cent in September. This was the first decline after two consecutive month on month increases in 2018.

The National Bureau of Statistics (NBS) announced in its latest report on the Consumer Price Index (CPI) entitled ‘CPI and Inflation Report October 2018’, published Wednesday, November 21, 2018, in Abuja, the capital of Nigeria.

According to the Bureau of Statistics, the decline represents a drop of 0.09% per month.

October 2018 CPI/Inflation published @www.nigerianstat.gov.ng: Headline year on year Inflatio at 11.26% in October compared to 11.28% in September. Food inflation at 13.38% year on year in October from 13.31% in September. Core inflation 9.9% year on year in October from 9.8% pic.twitter.com/YMy1NdZdqo

— Dr Yemi Kale (@sgyemikale) November 21, 2018

“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%, from 13.16% recorded in September 2018.

“The urban inflation rate increased by 11.64% (year-on-year) in October 2018 from 11.70% recorded in September 2018, while the rural inflation rate increased by 10.93% in October 2018 from 10.92% in September 2018,” the report states.

According to the report, the rise in the prices of Fruits, Meat, Vegetables, Potatoes, Yam and other tubers, Bread and Cereals, Oils and Fats raised the food index by 13.28% in October compared to 13.31% in September 2018.