The country’s Consumer Price Index, which measures
inflation, declined marginally to 9.3 per cent in October, a decrease of 0.1
per cent over the 9.4 per cent in September, and staying above the Central Bank
of Nigeria’s target upper limit.
According to the inflation report released by the National
Bureau of Statistics (NBS) in Abuja, this is the first time that the index has
moderated in the last 12 months, having sustained a steady rise since November
2014.
The Statistic body said the marginal moderation, was due to
the slower increases in most divisions which contribute to the Headline index
with the exceptions being Transport, and Recreation and Culture divisions.
The report added that consumers across the country paid an
average of N93.48 for a litre of Premium Motor Spirit (PMS) in the month of
October; as against the official price of N87 per litre.
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