Inflation rate drops by 0.2%

The National Bureau of Statistics on Wednesday released the country’s inflation rate for the month of October.

The bureau, in the Consumer Price Index report signed by the Statistician General of the Federation, Dr. Yemi Kale, stated that the inflation rate rose by 7.8 per cent.

This, it said, was 0.2 percentage points lower than the eight per cent recorded in September.

The report said inflation rates recorded in October indicated a continually downward trend for the 10th consecutive month, noting that this 7.8 per cent rise was also the lowest rate recorded in the index since March 2008.

It said, “In October, the CPI which measures inflation rose by 7.8 per cent year-on-year, 0.2 percentage points lower from 8.0 per cent recorded in September.

“Rates recorded in October indicate a continually downward trend for the 10th consecutive month. This is also the lowest rate recorded in the index since March 2008.”

Food prices, the report noted, continued to trend lower for the third consecutive month as a result of the harvest season that traditionally begins in July of the year.

[Punch]

Related Posts

• 

  Over 1,000 firms bid for 2017 railway projects
  Over 1,000 firms bid for 2017 railway projects
• 

  NAICOM moves to enforce compulsory insurance of public buildings
  NAICOM moves to enforce compulsory insurance of public buildings
• 

  Reps ask NPA to reverse termination of agreement with Intels
  Reps ask NPA to reverse termination of agreement with Intels
• 

  SEC suspends Oando shares from stock market
  SEC suspends Oando shares from stock market