Iyano Oba Market in Lagos: Image: Juju Films

Nigeria’s inflation rate has dropped from 11.28 per cent in September to 11.26 per cent in October, according to the Consumer Price Index Report released on Wednesday by the National Bureau of Statistics.

The bureau in its report which measures inflation stated that year-on-year, the 11.26 per cent represents a decline of 0.02 percentage points

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It said that urban inflation rate increased by 11.64 per cent year-on-year in October 2018 from 11.70 per cent recorded in September.

On the other hand, the NBS report said the rural inflation rate increased to 10.93 per cent in October from 10.92 per cent in September.

On a month-on-month basis, the report stated that the urban index rose by 0.76 per cent in October, from 0.86 per cent recorded in September.

It also stated that the rural index also rose by 0.72 per cent in October, down from the 0.82 per cent rate recorded in September.