By Emmanuel Elebeke
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.
It was noted that food sub-index was weighted upon as a result of a slower increase in the bread and cereals; milk, egg and cheese; and potatoes, yams and other tuber groups, the latter which has increased at a slower pace for five consecutive months.
Increases in the “all items less Farm Produce” or Core sub-index eased for the second consecutive month in October. The core sub-index increased by 8.7 per cent in October (year-on-year), 0.2 per cent points lower from rates recorded in September.
‘‘The Core sub-index was weighted upon by slower increases in multiple divisions in particular; alcoholic beverage, tobacco and kola; clothing and footwear; housing water, electricity. Gas and Other Fuels; and Furnishings & Household Equipment
On a month-on-month basis, it was indicated that 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.
Accordingly, all indices which contribute to the index were said to have increased at a slower pace (month-on-month) in October with the exceptions being the transport and communications divisions.
In October, both the urban and rural indices slowed (year-on-year).
The urban index increased by 9.4 per cent from 9.5 per cent in September, while the rural increased by 9.2 per cent in October from 9.3 per cent in September.
On a month-on-month basis, both the urban and rural indices slowed. The urban index increased by 0.4 per cent in October, from 0.7 per cent in September, while the rural index increased by 0.4 per cent in October, from 0.5 per cent in September.
The percentage change in the average composite CPI for the twelve-month period ending in October over the average of the CPI for the previous twelve-month period was 8.8 per cent,
marginally higher from the 8.7 per cent rate recorded in September.
The corresponding twelve-month year-on-year average percentage change for the urban index increased marginally from 8.7 per cent in September to 8.8 per cent in October, while the corresponding rural index also edged higher to 8.7 per cent in October from 8.6 per cent in September.