National Bureau of Statistics (NBS) yesterday said that inflation rate in October 2018, dropped to 11.26 per cent from the September’s figure of 11.28 per cent.
According to Consumer Price Index (CPI) released by NBS, food prices had a negative inflation between September and October.
“On month-on-month basis, the headline index increased by 0.74 per cent in October 2018, down by 0.09 per cent points from the rate recorded in September 2018 (0.83) per cent.
“The percentage change in the average composite CPI for the 12-month period, ending October 2018, over the average of the CPI for the previous 12 months period was 12.78 per cent, from 13.16 per cent recorded in September 2018.
“The composite food index rose by 13.28 per cent in October 2018, compared to 13.31 per cent in September 2018.
“In October 2018, food inflation on a year- on-year basis was highest in Bayelsa (16.36 per cent), Abuja (15.85 per cent) and Taraba (15.27 per cent), while Bauchi (12.17 per cent), Oyo (11.76 per cent) and Plateau (11.36 per cent) recorded the slowest rise in food inflation.
“On month on month basis however, October 2018 food inflation was highest in Kogi (2.28 per cent), Plateau (2.42 per cent) and Nasarawa (2.17 per cent), while Akwa Ibom, Benue, Kwara and Ondo all recorded food price deflation or negative inflation (general decrease in the general price level of goods and services or a negative inflation rate) in October 2018.
”NBS said, adding that urban inflation rate stood at 11.64 per cent compared to 11.70 per cent in September and rural inflation increased to 10.93 per cent in October from 10.92 per cent in September 2018.
However, October’s inflation came a bit late so heightening the suspicion that the bureau is underfunded following the withdrawal of development partners.
Recall that the Statistician General of the Federation (SG), Dr Yemi Kale in his twitter handle had said that the Federal Government did not release fund for the production of unemployment rate.
This generated a lot of furor in the social media and among economy experts.
Analysts had posited that Nigeria’s unemployment rate is well over 18.80 per cent and Nigeria had been listed third, after Greece (20.9 per cent) and South Africa at 27.7 per cent.
Unemployment rate in Nigeria increased to 18.80 per cent in the third quarter of 2017 from 16.20 per cent in the second quarter of 2017.
Unemployment rate in Nigeria averaged 10.63 per cent from 2006 until 2017, reaching an all-time high of 19.70 per cent in the fourth quarter of 2009 and a record low of 5.10 per cent in the fourth quarter of 2010.