The National Bureau of Statistics, NBS, said Nigeria’s headline inflation for October fell slightly to 15.91%.
The downward trend in inflation for the month of October is, however, slower compared to 15.98% disclosed for the month of September.
Nigeria is Africa’s largest economy by gross domestic product. The country has been running a bigger budget deficit for the last three years after global crude oil prices fell by over 70% throwing the economy into recession.
There are still concerns and tensions from Nigeria’s largely poor population who are suffering from higher food and basic commodity prices, a sub-index that has risen by record levels.
