Inflation In Nigeria Drops To 9.3% In October

The National Bureau of Statistics (NBS) released its report on the Consumer Price Index (CPI) for the month of October, showing that inflation rose to 9.3 per cent in the tenth month of the year compared to 9.4 per cent in the previous month.

The increase was marginally lower than 9.4 per cent recorded in the previous month by 0.1 per cent.
According to the monthly release by the Nigerian Bureau of Statistics (NBS), the slower pace in October was as a result of lower increases in most divisions which contribute to the Headline index with the exceptions being transport, and recreation and culture divisions.
The report showed that food prices edged lower in month under review, with the Food sub-index increasing by 10.1 per cent during the period, from 10.2 per cent recorded in September.