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Inflation rose by 11.61% in October, highest in 17 months

Babajide Okeowo

Nigeria’s 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 the highest in seventeen-month. This was disclosed in the latest inflation report released by the National Bureau of Statistics (NBS).

Increases were recorded in all the Classification of Individual Consumption According to Purpose, COICOP divisions that yielded the Headline index.

According to the NBS report, inflation rose by 0.37% points, higher than the 11.24% recorded in September and 11.02% for August 2019.

Similarly, food inflation rose to 14.09% compared to 13.51% in the previous month. Meanwhile, Core inflation dropped to 8.88% from 8.94% recorded in September 2019.

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The Bureau disclosed that the 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.

On a month-on-month basis, the Headline index increased by 1.07 per cent in October 2019, or 0.03 percentage points higher than the rate recorded in September 2019 (1.04 per cent).

The percentage change in the average composite CPI for the twelve months ending October 2019 over the average of the CPI for the previous twelve 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.

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