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Inflation now on steady month-on-month decline, drops to 15.91% – NBS

No doubt, Nigerian economy is gradually recovering from shocks it suffered in 2016.

On Wednesday, the National Bureau of Statistics (NBS), unveiled the Consumer Price Index (CPI) showing that inflation rate dropped further in October to15.91 per cent.

CPI measures inflation and the latest data indicate that the index is dropping year-on-year from 15.98 per cent in September to 15.91 per cent in October.

According to NBS, this is the ninth consecutive month since January this year that the index would be slowing down.

However, the report said food index increased by 20.31 percent year-on-year in October, down marginally by 0.01 percent points from the 20.32 per cent recorded in September.