Nigeria inflation rose again in October

Naira notes
Naira notes

The National Bureau of Statistics (NBS) on Monday said the consumer price index (CPI), which measures inflation, stood at 11.61 per cent in October.

The NBS disclosed this in its latest inflation report posted on its website.

This is 0.36 percentage points higher than the rate recorded in September 2019 (11.24 per cent).

The agency said increases were recorded in all COICOP divisions that yielded the Headline index.

Figures from the report show that the Headline Index rose by 1.07 per cent in October 2019, this represents 0.03 percentage points rise when compared to 1.04 per cent recorded in September 2019.

Also, an increase was recorded in the average composite CPI.

The average of the CPI as of October 2019 recorded 11.30 per cent, and an increase of 0.03 percentage point when compared to 11.27 per cent recorded in October 2018.

The urban inflation rate as well stood at 12.20 per cent in October from 11.78 per cent recorded in September, while the rural inflation rate was recorded at 11.07 per cent in October from 10.77 per cent in September.

Food Index

Figures from.the report show that the composite food index rose by 14.09 per cent in October 2019

The rise in the index was caused by increases in the prices of meat, oils and fats, bread and cereals, potatoes, yam and other tubers, fish and vegetables.

When compared to September, the food sub-index increased by 1.33 per cent in October, up by 0.03 percentage points from 1.30 per cent recorded in September.

“The average annual rate of change of the Food sub-index for the twelve-month period ending October over the previous twelve-month average was 13.54 per cent, equivalent to 0.07 percentage points higher than the average annual rate of change recorded in September 2019 (13.47 per cent).

Core Inflation

The ”All items less farm produce” or core inflation rate, which excludes the prices of volatile agricultural produce, stood at 8.88 per cent in October.

This, when compared to October 2018, is slower by -0.07 percentage points when compared with 8.94 per cent recorded in September.

Also, when compared with the previous month, the core sub-index increased by 0.74 per cent in October, or -0.15 percentage points slower than the rate recorded in September (0.89 per cent).

The highest increases were recorded in prices of cleaning, repair andhire of clothing, hospital services, major household appliances, repair of household appliances, glassware, tableware and household utensils, and garments.

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