Inflation Drops to 8.1% in October

The Consumer Price Index (CPI) which measures inflation dropped further to 8.1 per cent in October compared to 8.3 per cent the previous month, according to the National Bureau of Statistics (NBS).
Also, Nigeria’s Capital Importation portfolio increased by 12.73 per cent or $738.69 million to about $6.54 billion in the third quarter of the year compared to about $5.8 billion in the second quarter of 2014, the statistical agency said. The NBS, in its latest CPI figures released yesterday stated that the food index rose by 9.3 per cent (year-on-year) in October, down by 0.4 percentage points from 9.7 per cent recorded in September. Meanwhile, year-on-year, the pace of increase of both urban and rural prices, eased for the second consecutive month in October as urban inflation rose by 8.1 per cent, down from 8.4 per cent in September, while the rural composite CPI rose by 8.0 per cent in October, down from 8.2 per cent in the previous month.

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