Samuel Omang
Nigeria’s headline inflation continued its downward trend in October, easing to 16.05%, according to new data released on Monday by the National Bureau of Statistics.
The figure marks a notable decline from the 18.02% recorded in September and represents the seventh consecutive month of slowing inflation this year.
Month-on-Month Inflation Rises Slightly
Despite the year-on-year relief, the latest Consumer Price Index report shows that inflation increased slightly on a month-to-month basis. The NBS said headline inflation rose by 0.93% between September and October, indicating that short-term price pressures persist.
Food Prices Ease Marginally
Food inflation — a key driver of household spending — also showed mild improvement. The Bureau reported a 0.37% month-on-month decline in food prices, offering a brief respite to consumers after months of sustained increases.
Seventh Straight Decline
October’s data extends the country’s steady inflation cool-down, reflecting improving macroeconomic indicators and a gradual recovery in supply chains that had contributed to earlier price surges.
The NBS is expected to provide more detailed sector-by-sector insights in subsequent breakdowns of the CPI report.
More details to follow.