Again, the October inflation rate defied market reality as data released by the National Bureau of Statistics (NBS), yesterday, showed prices of goods and services have continued to increase at a slower rate.
Amid escalating prices, the October Consumer Price Index (CPI), a measure that examines the weighted average of prices of a basket of goods and services, showed inflation decelerated to 15.99 per cent (year-on-year) in October 2021 as against 16.63 per cent recorded in September.
According to NBS, the inflation rate has decelerated for seven straight months, a rare trend in recent history. The headline inflation, driven by soaring food prices, had accelerated consistently for about three years, hitting 18.17 per cent in March. Since April, the rise in inflation has been slower, according to NBS statistics.
