From Isaac Anumihe, Abuja
INFLATION in October has dipped to 9.3 per cent as against 9.4 per cent recorded in September.
In a report made available to Daily Sun, National Bureau of Statistics (NBS) attributed the drop in October to the lower increases in most divisions, which contribute to the headline index with the exceptions being transport, and recreation and culture divisions.
According to the report, the food sub-index increased by 10.1 per cent during the month, from 10.2 per cent recorded in September.
The 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.
It recorded similar increases in the “All Items less Farm Produce” or core sub-index eased for the second consecutive month in October.
Also, the core sub-index, 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 maintenance divisions increased by 8.7 per cent in October (year-on-year), 0.2 per cent points lower than rates recorded in September.
On a month-on-month basis, 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.
In October, 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 12-month period ending in October over the average of the Consumer Price Index (CPI) for the previous 12-month period was 8.8 per cent, marginally higher from the 8.7 per cent rate recorded in September.
The corresponding 12-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.
Source : SunOnline