Based on the CPI data from the National Bureau of Statistics (NBS), Nigeria’s headline inflation fell sharply by 196bps to 16.05% y/y in October (September: 18.02% y/y). However, on a month-on-month basis, consumer prices increased by 21bps to 0.93% (September: +0.72% m/m).
Food inflation decreased by 375bps to 13.12% y/y in October (September: 16.87% y/y). On a month-on-month basis, the food index declined at a slower pace by 0.37% (September: -1.57% m/m), attributed to the rate of decrease in the average prices of Onions (Fresh), Fruits (Oranges, Pineapple), Shrimp, Groundnuts (Unshelled), Vegetables (Ugu, Okazi leaf), and Meat (Goat meat, Cow tail, Liver), etc.
Elsewhere, core inflation (all items excluding farm produce and energy) eased by 84bps to 18.69% y/y in October (September: 19.53% y/y). On a month-on-month basis, the core inflation steadied at 1.42% m/m (September: +1.42% m/m).
