By Dipo Olowookere

Inflation rate in Nigeria declined to 11.26 percent in the month of October 2018 after rising for two consecutive months; August and September.

According to data released on Wednesday morning by the National Bureau of Statistics (NBS), the inflation dropped to 11.26 percent from 11.28 percent recorded in September 2018.

Business Post reports that on month-on-month basis, the headline index increased by 0.74 percent in October 2018, down by 0.09 percent points from the rate recorded in September 2018 (0.83) percent. 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 percent, from 13.16 percent recorded in September 2018.

The urban inflation rate increased by 11.64 percent (year-on-year) in October 2018 from 11.70 percent recorded in September 2018, while the rural inflation rate increased by 10.93 percent in October 2018 from 10.92 percent in September 2018.

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

However, Nigeria’s Statistician General, Mr Yemi Kale, disclosed on Wednesday that food inflation jumped to 13.38 percent year-on-year in October from 13.31 percent in September, with the core inflation increased to 9.9 percent year-on-year in October from 9.8 percent.

This rise in the food index was caused by increases in prices of Fruits, Meat, Vegetables, Potatoes, yam and other tubers, Bread and cereals, and Oils and Fats.

On month-on-month basis, the food sub-index increased by 0.82 percent in October 2018, from 1.00 percent recorded in September. The average annual rate of change of the Food sub-index for the twelve-month period ending October 2018 over the previous twelve-month average was 15.36percent, from the average annual rate of change recorded in September (15.92) percent.

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As long as lifeless remain our president, the figures would rise again.

Sai Baba you go enter ..na you biko..l" m very surprised to see politicians and masses joining heads to gether to complain abt sai Baba in Nigeria..Buhari is really workin.for sure

dukie25:
As long as lifeless remain our president, the figures would rise again.

Just the way you said we'll plunge into recession again, but you were disappointed eventually!

For the first time in Nigeria .masses and politicians are cooperating and complaining bitterly together..against buhari l support pmp all d way.

It is only a clueless govt dat will release such figures claiming inflation has dropped while prices and at d same time claim fud inflation is on d rise.. Let dem kip deceiving d gullible ones like dis one

oyebanji44:
For the first time in Nigeria .masses and politicians are cooperating and complaining bitterly together..against buhari l support pmp all d way.

Wateva U have been smoking is definitely bad for ur brain...

Jus imagine.. Dis ppl are funny.. Inflation dropped from 11.28% to 11.26% ? And still yet dey admitted prices of fud items have gone up?? What kind of useless contradictory statement is dat

NEXT LEVEL PROPAGANDA

Hmmmm.

How has this figures translated to reality in the lives of the common Nigeria?

Meanwhile, see 20 THINGS YOU SHOULD AVOID TO GET WEALTHY FASTER.

Okay

Campaign season news, I guess. Kudos to baba if through anyway.


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na today

Next come see how it will rise fast
Besides we are waiting How petrol will be sold this coming Xmas

THIS IS PROPAGANDA

With the rate of unemployment rising?
Cooked up statistics.

.

Hmm..

Is the shidren of hate

Anything negative is their good news


Anything good is bad news for them

tayebest:



Just the way you said we'll plunge into recession again, but you were disappointed eventually!

tayebest:



Just the way you said we'll plunge into recession again, but you were disappointed eventually!

No recession is sure set to hit in at the middle of next year. The worst in Nigeria history. Wait for it

How did they come about this data? I am seriously ready to serve as a volunteer for NBS because I wonder what parameters they use to conjure their results.

Let the sentimental economics begin .

renewa29:
How did they come about this data? I am seriously ready to serve as a volunteer for NBS because I wonder what parameters they use to conjure their results.

With your diploma in animal husbandry?

Nonsense

tayebest:



Just the way you said we'll plunge into recession again, but you were disappointed eventually!

What do you expect from children of anger? Shameless louts

Good news

Only an enemy of progress won't be happy with this news

See them above. Children of 8