The continuous effort of the Federal Government to rein in on consumer prices has started yielding results.

The Consumer Price Index, which measures inflation rate rose 15.91 percent year-on-year in October, according to the National Bureau of Statistics (NBS) report released on Wednesday. This was lower than the 15.98 percent recorded in September and represents the ninth consecutive decline in the headline inflation.

Also, while average yearly inflation number for the first five months of the year stood at 17.45 percent, average headline inflation from June to October 2017 improved to 16.01 percent. Indicating that pace of price increase is gradually slowing down in relation to the fairly stable foreign exchange market.

On a monthly basis, inflation surged 0.76 percent in October, also 0.02 percent better than the 0.78 percent recorded in September. Making it the fifth consecutive month-on-month inflation headline is contracting.

However, despite the noticeable improvement in the headline inflation, the Food Index surged by 20.31 percent year-on-year in October, down slightly by 0.01 percent when compared to the 20.32 percent recorded in September.

Still, this is high and has continued to erode consumers’ buying power, especially when the average price of the first five months (18.67%) of the year is compared with the June-October average of 20.22 percent. Meaning, headline inflation is merely aided by the surged in forex liquidity due to rising global oil prices.

In April, the Federal Government had introduced series of forex policy to rein in on high foreign exchange and better stimulate the economy. While the Investors and Exporters forex window has been helpful in easing economic gridlock it has failed to curb rising food prices.

The Federal Government released its 2018 proposed budget of N8.6 trillion in November, saying the budget would consolidate on previous accomplishments.

The Naira remained fairly stable against the US dollar, trading around N363 per dollar.

http://investorsking.com/nigerias-inflation-declines-nine-consecutive-months/ mynd44

Consumer prices are still high and are set to even go higher with some items like rice and other Fud items already on d trajectory..

Someone isn't happy.

It boldly says for ninth consecutive month inflation has fallen but he cannot stomach it.

Wish it would translate to cheaper goods for Xmas

Nice one !

shift

good news

Fake news on paper.

Government of deceit...2019 is almost here. You all will be mugabaed from that office

Like if you cant wait for 2019

And we still dey struggle to buy food stuffs

Grammar Grammer Grammar..index this ,index that..Till prices of consumables drop to a reasonable level..only till then...

OK, noted

0.8 percent decrease when it rose to about 250 percent?
Whoever wrote this headline is a bastard

drey22:
Government of deceit...2019 is almost here. You all will be mugabaed from that office

Like if you cant wait for 2019

Why are you so bitter with the news? If the news had said inflation is on the increase, you probably would have liked it and even jubilated about it.

Well as you and your likes rejoice in bad news, may you all be surrounded by them. And as you detest good news, may it be far from you. Amen.

It is good that this Govt has made Rihana's hit song its ringtone.
All we do now is "work work work work work work" .
It's very good. Things are gradually getting better.

This is a good one but we need to start feeling the impact Ooo. If not we no go believe

Good news or bad news? abeg today na my birthday show some love

When l to get to shoprite in Sunday, I hope to see price drop on food and household goods

Government of lies. Propaganda and deciet.
I will beleive this government only when l buy a bag of Rice N7K they met it when they took over.

APC is only visible in the media

Thank u sai baba for taking us out of recession gej put us

Sai baba till 2023

Truth234:
Still, this is high and has continued to erode consumers’ buying power, especially when the average price of the first five months (18.67%) of the year is compared with the June-October average of 20.22 percent. Meaning, headline inflation is merely aided by the surged in forex liquidity due to rising global oil prices.

Thanks for sharing

Does this suggest any real growth or did we just wait out the storm?

Our revenue must be diversified so we won't always be at the mercy of global oil prices

Lies , the office of the Statitician General has been co opted into a grand scheme of lies to dish out false statistics nean to hoodwink gullible Nigerians but they have forgotten we all go the consumer market and nit a single price of any good has dropped but rather some of them are even increasing still.

asawanathegreat:
And we still dey struggle to buy food stuffs

You mean you and your family?

GavelSlam:
Someone isn't happy.

It boldly says for ninth consecutive month inflation has fallen but he cannot stomach it.

I wonder how some of u reason when it comes to politics or sentiment. Economy was handover to Buhari with inflation on single digit now u are celebrating 15.9% inflation rate.

PMB has been shaming a lot of haters lately

but why are food prices still telling us the opposite??

Sai baba!

GavelSlam:
Someone isn't happy.

It boldly says for ninth consecutive month inflation has fallen but he cannot stomach it.

What is there to be happy about, we had single digit inflation before this govt came and made it double digits, the effects have been strenuous, returning our inflation rates to a single digit will be what can make people happy not this.

alignacademy:


Thanks for sharing

Does this suggest any real growth or did we just wait out the storm?

Our revenue must be diversified so we won't always be at the mercy of global oil prices

The current growth is not broad-based and directly proportional to the surge in global oil prices. Therefore, to sustain economic recovery and contain consumer prices, FG needs to diversify the economy as you stated.

A mudu of garri is still #300. Now where is it affecting people positively?
Abegiii

drey22:
Government of deceit...2019 is almost here. You all will be mugabaed from that office

Like if you cant wait for 2019

For your mind na only you go vote for 2019.