Nigeria’s Inflation Rate Rises To 11.61%

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Ton Trends understands that the fresh data from the National Bureau of Statistics revealed that the inflation for the month of October has risen by 0.36 basis points year on year to 11.61 percent.

The composite food index rose by 14.09 percent in October compared to 13.51 percent recorded in September due to increases in prices of meat, fish, vegetables, bread and cereals, potatoes, yam, and other tubers.

According to experts, the rise in the inflation rate may be connected to the ongoing border closure which had made it difficult for products to be exported and imported into the country through the land borders.

Core inflation, which excludes the prices of volatile agricultural produce eased to 8.88 percent year on year in October compared with the 8.94 percent recorded in September.

The urban inflation rate stood at 12.20 percent year-on-year in October from September’s 11.78 percent, while rural inflation increased to 11.07 percent in October from 10.77 percent in September.

On a month-on-month basis, the urban index rose to 1.15 percent in October from 1.13 percent, while the consumer price index, (CPI) which measures inflation rose by 11.61 percent (year-on-year) in October 2019. e rural index was slightly higher at 0.99 percent in from 0.96 percent.