The figure is the lowest in five years although experts predicted a lower rate.

Nigeria’s Composite Price Index, CPI, measuring the average change in the prices of goods and services, otherwise called inflation rate, decreased further as expected in September, shedding 0.2 percent from the previous month to reach 8 percent year-on-year basis.
Financial Derivatives Company, FDC, a Lagos-based diversified financial institution, had predicted the rate to drop to about 7.83 percent for the month of September, extrapolating the economic indicators of August.
But Inflation Report for the month released on Wednesday by the Statistician General of the Federation, Yemi Kale, in Abuja, showed that the decline in the headline Index, when compared with the level of the preceding month, was largely attributable to a slower rate of increase in food prices, as the recent harvest season continued to constrain rising food prices.
The Report showed further that after trending lower in the first half of the year (from 11.3 percent in January to 5.5 percent in June), the core sub-index again trended upwards for the third consecutive month, while the rate of increase was tempered by moderations in the “housing, water, electricity, gas and other fuels” division as well as the “furnishings, household equipment and household maintenance” division.
In the month under review, the NBS report revealed that the headline index increased by 0.75 per cent on month-on-month basis, an increase of 0.5 percentage points from 0.25 per cent recorded in August, indicating the first uptick in the CPI on a monthly basis in four months.
A further analysis of the CPI trend revealed that the urban composite CPI was recorded at 147.9 points in September, indicating an 8 percent increase from levels recorded in September 2012, though 0.4 percentage points lower than the 8.4 per cent recorded in August this year.
The NBS stated that the percentage change in the average CPI for the 12-month period ending September 2013 over the average of CPI for the previous 12-month period was recorded at 9.5 per cent, lower than the average 12-month rate of change of 9.8 percent recorded in August.
It also reported that the corresponding 12-month year-on-year basis average percentage change for the urban index was 10.4 per cent, while the corresponding rural index was recorded at 8.8 percent.
A further analysis of the country’s food index, showed that in the month under review, the rate of increase in food prices moderated for the second consecutive month, as produce from the on-going harvest continued to put downward pressure on the food sub-index with the 9.4 per cent rate recorded in September, representing 0.3 percentage points lower than 9.7 per cent recorded in August.
On a month-on-month basis, however, the food sub-index was reported to have increased by 0.9 percent in September, up from 0.5 per cent recorded in August by 0.4 percentage points, with the highest price increases recorded in the oils and fats, and bread and cereals classes, amongst others.
The report also showed that the average annual rate of rise of the food sub-index for the 12-month period ending in September 2013 was 10.1 per cent when compared with the same period in 2012. This was marginally lower than the 12-month average year-on-year change for the period ending in August (10.2 percent).
“All items less farm produce” or core index, which excludes the prices of volatile agricultural products, increased for the second consecutive month in August to 7.2 percent, up by 0.6 percentage points from the 6.6 per cent recorded in July,” the statistics agency stated.
A further decomposition of the core sub index of the “all items, less farm produce” or core index on a month-on-month basis, showed that it increased for the third consecutive month in September to 7.4 per cent, up by 0.2 percentage points from 7.2 per cent recorded in August, compared to the month-on-month basis, which showed that the core sub index was recorded at 0.6 per cent, lower than 1.3 percent recorded in August by 0.7 percentage points.
The Bureau pointed out that the increase in the core sub-index was as a result of price increases across various class items particularly actual and imputed rental prices,books and stationeries as a result of the start of the new school year, and accommodation services, amongst others.
The average 12-month annual rate of rise of the index was recorded at 8.9 per cent in September 2013, down 0.5 percentage points from 9.4 per cent recorded in August 2013.

http://premiumtimesng.com/business/146749-nigeria-inflation-drops-8-percent.html?utm_source=rss&utm_medium=rss&utm_campaign=nigeria-inflation-drops-8-percent

It's ok. I don hear. No time to read all these economic jargons!
Now, can someone help summarize this writeup?

Good! That's a good indication that our economy is improving
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Gej is working Haters are hating. Keep hating but you cannot stop us from loving . Fresh air to 2019.










Buhari for President 2032

Cant Blive am 3rd to comment.
I blive that dreams come true and one day one day I go make my mama proud.

Back to the topic:
Please Anti-GEJ give this man some credit abeg.
Nobody should mention ASUU here ooo or else I go write name of noise makers
The names will be submitted to Moderators and u know what they can do BT

Space booked. Let me think of what to comment, i'll soon be back

OHe he he he. I dey laff oo

That's on record paper only

In the markets,the inflation is still the same
And even getting higher by the day
I wish I could understand how such statistics are come about.


God bless Nigeria

Inflation drops on paper but on reality the price of garri still remains the same or may even be higher.

First time to comment on a front page. Na me dey fast or na d topic dey indecipherable?

Anti GEJ fellows, Tinubu and co will not see this. i look forwad to a time where we criticise constructively and commend when its obvious.

There is a huge problem with our political ideaology and social formation as a nation

dridowu: Inflation drops on paper but on reality the price of garri still remains the same or may even be higher.

lorretta u: That's on record paper only

In the markets,the inflation is still the same
And even getting higher by the day
I wish I could understand how such statistics are come about.


God bless Nigeria

See them see them!!!
When they reduce price of fuel in the market does every one comply?
There is this mentality with Nigerian traders that they must sell what they have in stock because they might have bought it when the prices were high and now that things are cheaper, they wont want to loose.

Prices might go down but some individuals might still decide to sell at their own selfish rate
Everything una must find fault

Keep it coming my able presido, we appreciate you sir

lorretta u: That's on record paper only

In the markets,the inflation is still the same
And even getting higher by the day
I wish I could understand how such statistics are come about.


God bless Nigeria

Nne, your english won't let u understand

Y

JECBOSS: It's ok. I don hear. No time to read all these economic jargons!
Now, can someone help summarize this writeup?

I thought you just said you don hear.

Promhize:

Nne, your english won't let u understand

I haff died

And ASUU wants the government to shell out 3 trillion Naira so that our economy go look like Sodom and Gomorrah . ie $1 =3000 Naira

aventura: Gej is working Haters are hating. Keep hating but you cannot stop us from loving . Fresh air to 2019.










Buhari for President 2032

You need to quit kidding. You know it's Buhari for 1915. Haters can't stop us now

good for nigeria , we have being maintaining a single digit inflation rate for some months now.. Hope we maintain these rate naija.

Thank God the USA passed the bill to continue borrowing. If not all of nigeria's gains economically would have gone down the drains in just one day. Pheew.

Can this be true

BigBen10: To all you half-wits attributing this achievement to GEJ. This is the work of Sanusi Lamido Sanusi(CBN governor) working in conjunction with Ngozi-Iweala (finance minister). Dont you go about praising GEJ as if he has the intellectual capacity to achieve this.

Odikwa egwu.
Onye Nke kwa osi gini

Promhize:

Nne, your english won't let u understand

Too bad of you.

Easy bro. This life na gewe gewe.

If inflation drops,dis is d odinary man's interpretation of d writeup & nt all dose jagons.

Has prices in d market reduced considerably?
If inflation is reduced, there should be an equivalent depreciation of poverty level as more can nw afford what is obtainable. Is dis so?
A decrease in inflation should increase ones standard of living. Is dis so?
The value of naira at hand shld increase considerably?
WHEN ALL THERE BASIS ARE PRACTICALLY ESTABLISHED;NOT SOME RANDOM STATISTICS 4RM WHO KNOWS WHERE.THEN WE CAN SAY INFlATION HAS REDUCED BY WHATEVER %.

Well, the inflation in my pocket is still very high and that's really what matters.

Promhize:

Nne, your english won't let u understand

lol,u should av corrected the error.

BigBen10: To all you half-wits attributing this achievement to GEJ. This is the work of Sanusi Lamido Sanusi(CBN governor) working in conjunction with Ngozi-Iweala (finance minister). Dont you go about praising GEJ as if he has the intellectual capacity to achieve this.

Good Lawd!!!

how does that affect price of garri.....SMH

lorretta u: That's on record paper only

In the markets,the inflation is still the same
And even getting higher by the day
I wish I could understand how such statistics are come about.


God bless Nigeria

somebody pls tell me, what is this one saying

BigBen10: To all you half-wits attributing this achievement to GEJ. This is the work of Sanusi Lamido Sanusi(CBN governor) working in conjunction with Ngozi-Iweala (finance minister). Dont you go about praising GEJ as if he has the intellectual capacity to achieve this.

What is this one saying? Is the Finance Minister or Sanusi working for your Tifnubu or Buhari?