Nigeria: Inflation stable in October
November 19, 2018
Consumer prices rose 0.74% on a month-on-month basis in October, slightly below September’s 0.84% increase. The result marked the fourth consecutive month of easing price pressures and the lowest print since December. A smaller rise in food prices was chiefly behind the result.
Inflation was unchanged at September’s 11.3% in October. Despite falling steadily throughout the past year, inflation remains well above the Central Bank’s target range of 6.0%–9.0%.
Meanwhile, core consumer prices, which exclude volatile agricultural produce, rose 0.81% month-on-month in October, above September’s 0.69% increase. Core inflation was stable at 10.5% in October.