BEVERLY HILLS, November 15, (THEWILL) – The National Bureau of Statistics (NBS) had released the Consumer Price Index (CPI) which measures inflation with the index dropping year-on-year from 15.98 per cent in September to 15.91 per cent in October.
The report indicates that Nigeria has recorded its ninth consecutive disinflation (slowdown in the inflation rate).
The report said food index increased by 20.31 percent year-on-year in October, down marginally by 0.01 percent points from the 20.32 per cent recorded in September.
On a month-on-month basis, the Headline index increased by 0.76 per cent in October 2017, 0.02 per cent points lower from the rate of 0.78 per cent recorded in September.
This represents the fifth consecutive month-on-month contraction in headline inflation since May 2017.
Specifically, the Food Index increased by 20.31 per cent (year-on-year) in October, down marginally by 0.01 per cent points from the rate recorded in September (20.32 per cent).
NBS released the 5th Round of the Multiple Indicator Cluster Survey (MICS 5) showing a slight decrease in prices of some basic products.
According to the NBS, the field work was done solely by over 700 staff in all states of the federation supported by supervisors who were monitored by internal and external observers.
Prices were collected across all the 774 local governments across all States and the FCT from over 10,000 respondents and locations and reflect actual prices households state they actually bought those products together with the prices reportedly sold by the fuel suppliers.
The average of all these prices is then reported for each state and the average for the country is the average for the state.
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