• Thursday, May 23, 2024
businessday logo

BusinessDay

Update 1: Nigeria’s inflation drops to 15.91% in October

Survey shows Nigeria businesses disappointed with Govt on management of inflation

Nigeria’s headline inflation has dropped again to 15.91 per cent year-on-year from 15.98 per cent it recorded in September, according to the latest data from the National Bureau of Statistics (NBS).

The data also showed that food inflation dropped marginally to 20.31 per cent year-on-year from 20.32 per cent in September and 0.85 per cent month-on-month from 0.87 per cent. Highest food price increases were recorded in items like potatoes, yams and other tubers; meat; oil and fats; milk, cheese and egg; bread and cereals; coffee, tea and cocoa; fish; and vegetables.

READ ALSO:BREAKING: Nigeria’s inflation rate accelerates to 12.82% in July, highest in 27 months

 

Core inflation rose marginally 12.14 per cent from 12.12 per cent in September 2017 year-on-year. Month-on-month it recorded 0.76 per cent from 0.80 per cent in September.

Urban inflation in October rose by 16.19 per cent from 16.18 per cent in September year-on-year, and 0.82 per cent month-on-month from 0.84 per cent. The rural index also grew by 15.67 per cent from 15.81 per cent in September year-on-year, and 0.72 per cent from 0.74 per cent on September month-on-month.

 

Details later…