Nigeria’s inflation rate has dropped to 15.91 per cent in October from 15.98 recorded in September.

The National Bureau of Statistics (NBS) stated this in its latest report released in Abuja and made available to Economic Confidential.

“The CPI, which measured inflation, increased by 15.91 per cent (year on Year) in October 2017”.
According to the report , this is 0.07 per cent points lower than the rate recorded in Sept. (15.98) per cent.
NBS said the index made it the ninth consecutive decline or slowdown in the inflation rate, though still positive in headline year-on-year inflation, since January.
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 per cent.