BusinessDay reported a projection that Nigeria's annual inflation would fall to 13.99% in October, a further slowdown that would follow a month when food prices rose faster than the overall index.
The National Bureau of Statistics (NBS) recorded headline inflation of 14.63% in September, down from 15.39% in August. Food inflation edged up to 19.59% from 19.57%, according to earlier EconoTimes coverage of the September figures.
The gap between the two September rates matters for households whose spending includes food. A lower annual inflation rate means prices are rising more slowly than before, while remaining above their year-earlier levels.
BusinessDay said relief for consumers and businesses could take longer to materialize even if the headline rate declines. The World Bank said in October that inflation continued to reduce households' purchasing power. It also pointed to higher fuel costs and seasonal food-price pressures as factors slowing the decline in inflation.
The next NBS inflation reading would show whether the October headline rate moved toward the projection.
