Nigeria’s National Bureau of Statistics (NBS) has said that the inflation rate for the month of October this year rose to 11.61 percent.
According to the monthly report of the Consumer Price Index which measures Inflation, released on Monday in Abuja by the NBS, the inflation figure for October was 0.36 percentage points higher than the rate recorded in September 2019, which stood at 11.24 percent.
The report noted that increases were recorded in all the Classification of Individual Consumption by Purpose (COICOP) divisions that yielded the Headline index.
On month-on-month basis, the Headline index increased by 1.07 percent in October 2019, or 0.03 percentage points higher than the rate recorded in September 2019 (1.04 percent).
It explained that the percentage change in the average composite CPI for the 12 months period ending October 2019 over the average of the CPI for the previous 12 months period was 11.30 percent, showing 0.03 percentage point increase from 11.27 percent recorded in September 2019.
On a year on year basis, the composite food index rose by 14.09 percent in October 2019 compared to 13.51 percent in September 2019.
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 month-on-month basis, the food sub-index increased by 1.33 percent in October 2019, up by 0.03 percentage points from 1.30 percent recorded in September 2019.
The average annual rate of change of the Food sub-index for the 12-month period ending October 2019 over the previous 12-month average was 13.54 percent, equivalent to 0.07 percentage points higher than the average annual rate of change recorded in September 2019 (13.47 percent).
The ”All items less farm produce” or Core inflation rate, which excludes the prices of volatile agricultural produce stood at 8.88 percent in October 2019 on a year-on-year basis, slower by -0.07 percentage points when compared with 8.94 percent recorded in September 2019.
On month-on-month basis, the core sub-index increased by 0.74 percent in October 2019, or -0.15 percentage points slower than the rate recorded in September 2019 (0.89 percent).
GIK/APA