The Consumer Price Index (CPI) which measures inflation increased by 15.91 percent (year-on-year) in October 2017, lower than the rate recorded in September (15.98) percent making it the ninth consecutive disinflation (slowdown in the inflation rate) in headline year on year inflation since January 2017.
Data realeased on Wednesday by the National Bureau of Statistics indicate that on a month-on-month basis, the Headline index increased by 0.76 percent in October 2017, 0.02 percent points lower from the rate of 0.78 percent recorded in September.
This represents the fifth consecutive month on month contraction in headline inflation since May 2017.
The Food Index increased by 20.31 percent (year-on-year) in October, down marginally by 0.01 percent points from the rate recorded in September (20.32 percent).
On a month-on-month basis, the Food sub-index increased by 0.85 percent in October, down from 0.87 percent recorded in August.
This represents the fifth consecutive disinflation in month on month inflation since a 2017 high of 2.57% in May 2017.
Statistician General of the Federation and Chief Executive Officer, National Bureau of Statisitics, Dr Yemi Kale said stated that the October 2017 also represents the lowest recorded month on month inflation since September 2016.