Nigeria’s inflation rate rises to 11.61 %

The consumer price index, (CPI) which measures inflation rose by 11.61 per cent (year-on-year) in October 2019.

This is 0.36 percentage points higher than the rate recorded in September 2019 (11.24 per cent) and highest in the last eight months.

The October inflation data released by the National Bureau of Statistics (NBS), on Monday further showed that the headline index on a month-on-month basis increased by 1.07 per cent in October 2019, or 0.03 percentage points higher than the rate recorded in September 2019.

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According to the bureau, the percentage change in the average composite CPI for the 12 months period ending October 2019 over the average of the CPI for the previous 12 months period was 11.30 per cent, showing 0.03 percentage point increase from 11.27 per cent recorded in September 2019.

The urban inflation rate stood at 12.20 per cent (year-on-year) in October 2019 from 11.78 per cent recorded in September 2019, while the rural inflation rate was recorded at 11.07 per cent in October 2019 from 10.77 per cent in September 2019.

On a year on year basis, the composite food index rose by 14.09 per cent in October 2019 compared to 13.51 per cent in September 2019.

This rise in the food index was caused by increases in prices of Meat, Oils and fats, Bread and cereals, Potatoes, yam and other tubers, Fish and Vegetables.