Nigeria's inflation declines for 9th consecutive month to 15.91% in October

16 Novembre 2017

Abuja, Nigeria, November 16 (Infosplusgabon) - Nigeria’s National Bureau of Statistics (NBS) says the inflation rate, measured by the Consumer Price Index (CPI), has further dropped to 15.91% in October, from 15.98% recorded in September.

In a report released in Abuja on Thursday, the NBS said in its “CPI Oct. 2017 Report’’ that this is the ninth consecutive decline or slowdown in the inflation rate.

According to the report, increases have been recorded in all the classification of individual consumption by purpose (COICOP) divisions that yielded the Headline Index.

The NBS said there was an average headline year-on-year inflation for the first five months of the year (January to May 2017) which stood at 17.45%. Average headline year-on-year inflation for the next five months (June to October 2017) stood at 16.01%.

The report further said the values indicated disinflation from June to date, compared to from January to May 2017.

On a month-on-month basis, the report noted that the headline index increased by 0.76% in October 2017, 0.02% lower from the rate of 0.78 per cent recorded in September.

This development represented the fifth consecutive month-on-month contraction in headline inflation since May 2017.

FIN/INFOSPLUSGABON/ANT/ GABON 2017

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