Nigeria’s annual inflation rate has risen from 11.24 per cent in September to 11.61 per cent in October, the National Bureau of Statistics, NBS, has said.
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 in the inflation rate 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 per cent in October 2019, or 0.03 percentage points higher than the rate recorded in September 2019 (1.04 percent),” it added
The report 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 per cent.
This, it said, showed a 0.03 percentage point increase from 11.27 per cent recorded in September 2019.
