Nigeria’s inflation drops to new five year low

Nigeria’s consumer inflation driven by falling food prices, continued its downward trend and fell to a fresh 5-year low of 7.8 percent in October 2013 .

The National Bureau of Statistics in the Consumer Price Index report by the Statistician General of the Federation, Dr. Yemi Kale, stated that the inflation was 0.2 percentage points lower than the eight per cent recorded in September.

The report said inflation rates recorded in October indicated a continually downward trend for the 10th consecutive month, noting that this 7.8 per cent rise was also the lowest rate recorded in the index since March 2008.

It said, “In October, the CPI which measures inflation rose by 7.8 per cent year-on-year, 0.2 percentage points lower from 8.0 per cent recorded in September.

“Rates recorded in October indicate a continually downward trend for the 10th consecutive month. This is also the lowest rate recorded in the index since March 2008.

Food prices continued to trend lower for the
third consecutive month as a result of the harvest season that traditionally begins in July of the year.

Food prices, the report noted, continued to trend lower for the third consecutive month as a result of the harvest season that traditionally begins in July of the year.

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