Food Prices Remain High As INflation Rate Inches Down To 15.91% In October
The Consumer Price Index (CPI) which measures inflation increased by 15.91 per cent (year-on-year) in October 2017, slightly lower than the 15.98 per cent recorded in September, latest data from the National Bureau of Statistics (NBS) has shown.
This is making it the ninth consecutive slowdown in the inflation rate) in headline year on year inflation since January 2017.
However, food inflation remained high at 20.31 per cent in October, indicating the persistent high prices of food prices during the period.
The Food Index increased by 20.31 per cent (year-on-year) in October, down marginally by 0.01 per cent points from the rate recorded in September (20.32 per cent).
On a month-on-month basis, the Headline index increased by 0.76 per cent in October 2017, 0.02 per cent 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.
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 per cent in May 2017. October 2017 also represents the lowest recorded month on month inflation since September 2016.