Inflation rate rises to 11.61% - NBS

The National Bureau of Statistics (NBS) said that Nigeria’s annual inflation rate rose from 11.24 per cent in September to 11.61 per cent in October. The Bureau disclosed this in its monthly Consumer Price Index (CPI)  report for October report released, on Monday in Abuja. It said that the increase was a 0.36 percentage points higher  than 11.24 per cent recorded in September “Increases were recorded in all 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 added. The reported noted that the percentage change in the average composite CPI for the twelve months period ending  2019 over the average of the CPI for the previous twelve months period was 11.30 percent. This, it said shown a 0.03 percentage point increase from 11.27 percent recorded in September 2019. The inflation rate might even move higher considering the fact that we are gradually approaching the festive period and it always expected for the price of commodities to increase.

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