The Consumer Price Index (CPI) which measures inflation dropped marginally to 9.3 per cent in October compared to 9.4 per cent in the previous month, according to the National Bureau of Statistics (NBS).

It attributed the slower pace of uptick in the
headline index to lower increases in most of the divisions, which contribute to the index with the exception of transport, and recreation and culture.

According to the CPI report for the month in
review, food prices edged lower in October as the sub-index increased by 10.1 per cent during the month, relative to 10.2 per cent in September.

The NBS said urban inflation and the rural
component slowed on a year-on-year basis.
The urban index increased by 9.4 per cent
compared to 9.5 per cent in September, while
the rural index increased by 9.2 per cent in
October relative to 9.3 per cent in September.
It stated: “On a month-on-month basis, the
headline index slowed in October as the seasonal effects of the Muslim festive period dissipated.

The index increased by 0.4 per cent 0.2 per
cent points lower from 0.6 per cent in
September, surpassing the lowest pace recorded this year which was recorded in September.”

NBS further added that the “food sub-index was weighted upon as a result of a slower increase in the bread and cereals; milk, eggs and cheese; and potatoes, yams and other tuber groups, the latter which has increased at a slower pace for five consecutive months.”
Also, the average monthly price paid by Nigerian households for a litre of petrol across the country further dropped to N93.48/litre in October compared to N95.18/litre in September, according to the NBS.

Though the official pump price of petrol is N87, the figures provided by NBS showed that on the monthly average, Nigerians have continued to purchase petrol above the official rate in September.

According to its monthly PMS watch for September which was released by NBS yesterday, Adamawa, Bauchi, Delta, Ekiti, Katsina and Ondo States recorded N87 per litre as average fuel price for the month in review.

Bayelsa State recorded the highest average for
the month at N111 while Abuja and Lagos
recorded N108.20 and N89.94 respectively.

Source: www.thisdaylive.com/articles/lower-food-prices-cut-inflation-marginally-to-9-3-/225768/

seen

Wailers will hate this.

Lower food prices suggest either increased supply or lower demand, and falling inflation rates means my N10 can buy more today.

Definitely a step in the right direction.