Inflation rate rises to 11.61% – NBS

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Statistician-General of the National Bureau of Statistics of Nigeria, Dr Yemi Kale
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The annual inflation in Nigeria stood at 11.61 percent in October, compared with 11.24 percent in September, the National Bureau of Statistics, NBS, said on Monday in a report.

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.

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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.