Inflation falls slightly to 11.26 per cent ― NBS

National Bureau of Statistics (NBS) says consumer price index (CPI) which measures inflation fell to 11.26 per cent in October 2018, from September figure of 11.28 per cent.

In its monthly inflation figures released on Wednesday, NBS noted the current figure  is 0.02 percent points lower than the 11.28 percent recorded in the preceding month.

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

While headline inflation declined marginally on year on year basis,  composite food index rose by 13.28percent in October2018 compared to 13.31 per cent in September 2018.

NBS attributed  rise in the food index to  increases in prices of fruits, meat, vegetables, potatoes, yam and other tubers, Bread and cereals, and oils and fats.

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“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 per cent, from 13.16 per cent recorded in September 2018″, NBS explained.

According to NBS, there was an increase in  urban inflation by 11.64 percent (year-on-year) in October 2018 from 11.70 per cent

recorded in September 2018, while the rural inflation rate increased by 10.93 per cent in October 2018 from 10.92 percent in September 2018.

On a month-on-month basis, urban index rose by 0.76 per cent in October 2018, from 0.86 percent recorded in September, while the rural index also rose by 0.72 per cent in October 2018, down from the rate recorded in September 2018 (0.82) per cent.

Relatedly, ”all items less farm produce” or core inflation, which excludes the prices of volatile agricultural produce stood at 9.9 per cent in October 2018, up by 0.1 per cent from the rate recorded in September 2018 (9.8) per cent.

The pattern of inflation however, varied in different states during the month under review.

For instance 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.

“On month on month basis 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”.

For food inflation at state level on a year on year basis, it  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, 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 in October 2018”, said NBS.