Nigeria’s Inflation Drops To 11.26% In October

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The National Bureau of Statistics (NBS) says inflation rate, measured by the Consumer Price Index (CPI), has further dropped to 11.26 percent (year-on-year) in October 2018. This is 0.02 per cent points less than the rate recorded in September 2018 (11.23) percent and represents an eighteenth consecutive disinflation in headline inflation year on year.

The NBS disclosed this in its CPI report for October 2018 released on Wednesday in Abuja and made available to Brand Spur Nigeria.

On a month-on-month basis, the Headline index increased by 0.74 percent in October 2018, down by 0.09 percent points from the rate recorded in September 2018 (0.83) percent.

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 percent, from 13.16 percent recorded in September 2018, Brand Spur reports.

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

On a month-on-month basis, the urban index rose by 0.76 percent 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.

Food Index

The composite food index rose by 13.28percent in October 2018 compared to 13.31 percent in September 2018.

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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 a month-on-month basis, the food sub-index increased by 0.82 percent in October 2018, from 1.00 percent recorded in September.

The average annual rate of change of the Food sub-index for the twelve-month period ending October 2018 over the previous twelve-month average was 15.36percent, from the average annual rate of change recorded in September (15.92) percent.

All Items Less Farm Produce

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The ‘’All items less farm produce’’ or Core inflation, which excludes the prices of volatile agricultural produce stood at 9.9 percent in October 2018, up by 0.1 percent from the rate recorded in September 2018 (9.8) percent.

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On a 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.

The average 12-month annual rate of change of the index was 10.90 percent for the twelve-month period ending October 2018 from 11.09 percent recorded in September.

State Profiles

In analysing price movements under this section, note that the CPI is weighted by consumption expenditure patterns which differ across states. Accordingly, the weight assigned to a particular food or non-food item may differ from state to state making interstate comparisons of consumption basket inadvisable and potentially misleading.

All Items Inflation

In October 2018, all items inflation on year on year basis was highest in Ekiti (13.18%), Taraba (13.21%) and Jigawa (13.13%), while Ogun (9.63%), Cross River (8.79%) and Kwara (8.07%) recorded the slowest rise in headline Year on Year inflation.

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On month on month basis however, October 2018 all items inflation was highest in Plateau (2.0%), Jigawa (1.97%), and Bauchi (1.67%), 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.

Food Inflation

In October 2018, food inflation on a year on year basis was highest in Bayelsa  (16.36%), Abuja (15.85%) and Taraba (15.27%), while Bauchi (12.17%), Oyo (11.76%) and Plateau (11.36%) recorded the slowest rise in food inflation.

On month on month basis however, October 2018 food inflation was highest in Kogi (2.28%), Plateau (2.42%) and Nasarawa (2.17%), while Akwa Ibom, Benue, Kwara and Ondo all recorded food price deflation or negative inflation (general decrease in the general price level of goods and services or a negative inflation rate) in October 2018.

Download the full CPI Inflation report…

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Nigeria's Inflation Drops To 11.26% In October - Brand SpurNigeria's Inflation Drops To 11.26% In October - Brand Spur

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