Food prices dip in Kwara, Ondo, Akwa Ibom as inflation drops to 11.26%

Food prices in four states of the country experienced negative inflation between September and October 2018.

According to the consumer price index (CPI)/Inflation report released by the National Bureau of Statistics (NBS), the states are Akwa Ibom, Benue, Kwara and Ondo.

CPI, which measures inflation stood at 11.26% in October from 11.28% recorded in September on a year-on-year basis.

“On month-on-month basis, the Headline index increased by 0.74 percent in October 2018, down by 0.09 percent points from the rate recorded in September 2018 (0.83) percent,” the report read.

“The percentage change in the average composite CPI for the twelve months period ending October 2018 over the average of the CPI for the previous twelve months period was 12.78 percent, from 13.16 percent recorded in September 2018.

“The composite food index rose by 13.28percent in October 2018 compared to 13.31 percent in September 2018.

“In October 2018, food inflation on a year on year basis was highest in Bayelsa (16.36%), Abuja (15.85%) and Taraba (15.27%), while Bauchi (12.17%), Oyo (11.76%) and Plateau (11.36%) recorded the slowest rise in food inflation.

“On month on month basis however, October 2018 food inflation was highest in Kogi (2.28%), Plateau (2.42%) and Nasarawa (2.17%), 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.”

Urban inflation rate stood at 11.64% compared to 11.70% in September and rural inflation increased to 10.93% in October from 10.92% in September 2018.