October inflation falls to 15.91% –NBS




By Benjamin Umuteme

Abuja

The Consumer Price Index (CPI) which measures inflation increased by 15.91 percent (year-on-year) in October2017.
According to the National Bureau of Statistics (NBS) in the October 2017 CPI report noted that the new figure represents 0.07 percent lower than the rate recorded in September (15.98) percent making it the ninth consecutive decline.
On a month-on-month basis, Headline index increased by 0.76 percent in October 2017, 0.02 percent lower than the rate of 0.78 percent recorded in September.
This indicates that while prices have remained high in 2017, they have tended to slow down their pace of increase since May 2017 both on a year-on-year and month-on-month basis.
The Urban index rose by 16.19 percent (year-on-year) in October2017, up by 0.01 percent point from 16.18 percent recorded in September and the Rural index increased by 15.67 percent in October 2017 down from 15.81 percent in September 2017.
On month-on-month basis, the urban index rose by 0.82 percent in October 2017, down from 0.8 percent recorded in August, while the rural index rose by 0.72 percent in October 2017, down from 0.74 percent in September.
NBS noted that Food Index increased by 20.31 percent (year-on-year) in October, down marginally by 0.01 percent from the rate recorded in September (20.32 percent).
On a month-on-month basis, the food sub-index increased by 0.85 percent in October, down from 0.87percent recorded in August. This represents the lowest recorded month on month inflation since September 2016.
“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 percent, 0.26 percent points from the average annual rate of change recorded in September (18.88) percent,” the report said.
Core sub-index, which excludes the prices of volatile agricultural, stood during the month of October at 12.14 percent points from 12.12 percent recorded in September as all key divisions which contributes to the index increased.
On a month-on-month basis, the Core sub-index increased by 0.76 percent in October, lower from 0.80 percent recorded in September.
The average 12 month annual rate of change of the index was 14.41 percent for the twelve-month period ending in October 2017; this is 0.49 percent points lower than 14.90 percent recorded in September with the highest increases “recorded in prices of maintenance and repair of personal transport equipment and other services related to personal transport equipment, air transport, Vehicle spare parts, carpets and other floor coverings, furniture and furnishings and repair of furniture, solid and liquid fuels ,Shoes and other foot ware and Garments, clothing materials, other articles of clothing and clothing accessories.”

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