Nigeria consumer inflation in 9-month low at 15.91% in October

Nigeria’s consumer price index (CPI), which measures inflation or the average change over time in prices of goods and services consumed by people for day-to-day living increased by 15.91 percent year-on-year in October from 15.98 recorded in September 2017.

The October inflation figures as released by Nigeria’s statistical agency, the National Bureau of Statistics (NBS), indicate a ninth consecutive decline in the rate of headline inflation year-on-year since January 2017.

According to the report, 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 percent.

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 percent.

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

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

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 percent, indicating disinflation from June to date, compared to from January to May 2017.(