The consumer price index which measures inflation decreased by 11.26 per cent (year-on-year) in October 2018, the National Bureau of Statistics disclosed in its ‘CPI and inflation report October 2018’ which was released on Wednesday.
The statistics revealed that this was a 0.02 per cent points lower than the rate recorded in September 2018 (11.28 per cent).
Increases were recorded in all COICOP divisions that yielded the Headline index.
On month-on-month basis, the headline index increased by 0.74 per cent in October 2018, down by 0.09 per cent points from the rate recorded in September 2018, 0.83 per cent.
The percentage change in the average composite CPI for the twelve months period ending October 2018 over the average of the CPI for the previous twelve months period was 12.78 per cent, from 13.16 per cent recorded in September 2018.
The urban inflation rate increased by 11.64 per cent (year-on-year) in October 2018 from 11.70 per cent recorded in September 2018, while the rural inflation rate increased by 10.93 per cent in October 2018 from 10.92 per cent in September 2018.
On a month-on-month basis, the urban index rose by 0.76 per cent in October 2018, from 0.86 per cent recorded in September, while the rural index also rose by 0.72 per cent in October 2018, down from the rate recorded in September 2018, 0.82 per cent.
The composite food index rose by 13.28 per cent in October2018 compared to 13.31 per cent in September 2018.
This rise in the food index was caused by increases in prices of fruits, meat, vegetables, potatoes, yam and other tubers, bread and cereals, and oils and fats.
On month-on-month basis, the food sub-index increased by 0.82 per cent in October 2018, from one per cent recorded in September.
The average annual rate of change of the food sub-index for the twelve-month period ending October 2018 over the previous twelve-month average was 15.36 per cent, from the average annual rate of change recorded in September, 15.92 per cent.
The data further revealed that the ‘’All items less farm produce’’ or core inflation, which excluded the prices of volatile agricultural produce, stood at 9.9 per cent in October 2018, up by 0.1 per cent from the rate recorded in September 2018, 9.8 per cent.
On month-on-month basis, the core sub-index increased by 0.80 per cent in October 2018 compared with 0.64 per cent recorded in September 2018.
The highest increases were recorded in prices of fuel and lubricants, vehicle spare parts, domestic and household services, carpets and other floor coverings, dental services, hospital services, repair of household appliances and medical services.
The average 12-month annual rate of change of the index was 10.90 per cent for the twelve-month period ending October 2018 from 11.09 per cent recorded in September.
In October 2018, all items inflation on year-on-year basis was highest in Ekiti (13.18 per cent), Taraba (13.21 per cent) and Jigawa (13.13 per cent), while Ogun (9.63 per cent), Cross River (8.79 per cent) and Kwara (8.07 per cent) recorded the slowest rise in headline year-on-year inflation.
On month-on-month basis, however, for October 2018, all items inflation was highest in Plateau (two per cent), Jigawa (1.97 per cent), and Bauchi (1.67 per cent), with Akwa Ibom Kwara and Ondo recording negative inflation or price deflation (general decrease in the general price level of goods and services or a negative inflation rate) in October 2018.