Inflation hits 11.61% in October

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The latest data released by the National Bureau of Statistics (NBS) has shown that Nigeria’s inflation rate rose to 11.61 per cent in October, its highest in 18 months.

According to the consumer price index, which measures inflation, this represents an increase of 0.36 per cent compared to 11.24% recorded in September.

“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,” the report read.

A separate food price index showed inflation at 14.09 per cent in October, compared with 13.51 per cent in September.

“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.”

On a year-on-year basis, inflation was highest in Kebbi at 15.20% and lowest in Bayelsa at 9.07%.

For states, food inflation was highest in Kebbi at 17.53%, Ondo at 17.01% and Ogun at 17%. The slowest increase in the prices of food items was recorded in Kogi (12.12%), Katsina (11.18%) and Bayelsa (9.55%).

According to the report, “Bayelsa, at -0.35%, recorded price deflation or negative inflation” which is a decrease in the general price level of food or a negative food inflation rate.

Experts have connected to rise in food prices to the ongoing border closure which had made it difficult for products to be exported and imported into Nigeria through the land borders.

 

 




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