Nigeria’s inflation dropped marginally to 15.9 percent in October, making it the tenth consecutive slowdown in the headline inflation rate since January 2017.
According to figures from the National Bureau of Statistics (NBS), the moderation could have been helped by food inflation which also moderated 20.3 percent.
On a month-on-month basis, the Headline index increased by 0.78 percent in November 2017, from the rate of 0.76 percent recorded in October. According to the NBS, “This represents the first rise in month on month inflation following five consecutive months on month contraction in headline inflation since May 2017.”
Figures show that Food Index increased by 20.30 percent (year-on-year) in November, from the 20.31 percent rate recorded in October.
On a month-on-month basis, the Food sub-index increased by 0.88 percent in November, from 0.85 percent recorded in October. This represents the first rise in months on month rise following five consecutive disinflation in month on month food inflation since a 2017 high of 2.57 percent in May 2017.
The Core sub-index, which excludes the prices of volatile agricultural, stood during the month of November at 12.20 percent points, up from 12.14 percent recorded in October as all key divisions which contributes to the index increased.
On a month-on-month basis, the Core sub-index increased by 0.77 percent in November, higher from 0.76 percent recorded in October.
On a State by State basis, overall inflation pressure was highest in Bauchi, Nasarawa and Kebbi while food inflation pressure in particular was highest in Kwara, Ebonyi and Nasarawa, according to NBS.
Onyinye Nwachukwu, Abuja
