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Nigeria's Inflation Rate Falls For Ninth Consecutive Time

16 Novembre 2017

The Consumer Price Index (CPI) which measures inflation increased by 15.91 per cent (year-on-year) in October 2017, slightly lower than the 15.98 per cent recorded in September, latest data from the National Bureau of Statistics (NBS) has shown.

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

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

The data also shows food inflation rose by 20.31 percent, just a soft touch below the 20.32 percent recorded in September.

The urban index increased to 16.19 percent, while rural index declined to 15.67 percent in October from 15.81 percent in September.

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The central bank kept interest rates at 14 percent in September to keep liquidity tight, saying it felt that loosening would worsen inflation. October 2017 also represents the lowest recorded month on month inflation since September 2016.

According to the NBS, the headline inflation dropped by 0.07 per cent from last month as a result of a marginal drop in the average prices of food across the country, despite a slight upward shift of core inflation.

It added that the average headline month-on-month inflation for the next five months of the year being June to October 2017, stood at 1.06 per cent, showing disinflation from June to date, compared to from January to May 2017.

"The average annual rate of change of the Food sub-index for the twelve-month period ending in October 2017 over the previous twelve month average was 19.14 per cent, 0.26 per cent points from the average annual rate of change recorded in September (18.88) per cent".

Nigeria's Inflation Rate Falls For Ninth Consecutive Time