Minister-of-finance-Kemi-Adeosun

Nigeria’s Inflation Rate Rises to 18.3 Pct in October

ABUJA, Nov 15 (NNN-NAN) — Nigeria’s inflation rate has increased with the Consumer Price Index (CPI) rising to an annualised 18.3 per cent in October from 17.9 per cent recorded in September, according to the National Bureau of Statistics (NBS).

The NBS reported here Monday that increases were recorded across almost all major divisions which contribute to the headline index. “Communication, restaurants and hotels recorded the slowest pace of growth in October, growing at 5.7 per cent and 9.4 per cent year-on-year respectively,” the bureau added.

“The Food Index rose by 17.1 per cent (year-on-year) in October, up by 0.47 percentage point from 16.6 per cent recorded in September. During the month, all major food groups which contribute to the Food sub-index increased with fruits recording the slowest pace of increase at 11.5 per cent,” it said.

Price movements recorded by the All Items, less farm produce, or Core, sub index rose by 18.1 per cent (year-on-year) in the month under review.

According to the report, the Core Sub Index, which rose by 18.1 per cent in the month, is 0.4 per cent point higher from rates recorded in September, which was 17.7 per cent.

“During the month, the highest increases were seen in housing, water, electricity, gas and other fuels as well as fuels and lubricants for personal transport equipment and education. Significant price movement under the Core Sub-index was also recorded for clothing and footwear, which recorded an increase of 17.8 per cent year-on-year,” the bureau reported.

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