RECESSION: Nigeria’s Inflation Rises To 18.3 Percent

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The National Bureau of Statistics, NBS, says the Consumer Price Index which measures inflation rate has rised from 17.9 per cent in September to 18.3 per cent in October.

This is contained in the the NBS report, released on Monday, which attributed the increase in inflation rate to pressures recorded in housing, electricity, gas, water, lubricants for personal transport and education.

The report stated that the prices of food items such as bread, cereals, fish and meat recorded significant increases, while that of fruit items moderated during the period.

READ ALSO: HUNGER As Inflation Soars To 10-Year High

The report reads in part, “The CPI which measures inflation increased by 18.3 per cent (year-on-year) in October 2016, 0.48 percent points higher from the rate recorded in September.

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“Increases were recorded across almost all major divisions which contribute to the headline index. Communication and restaurants and hotels recorded the slowest pace of growth in October, growing at 5.7 per cent and 9.4 per cent year-on-year respectively.

“The food index rose by 17.1 per cent (year-on-year) in October, up by 0.47 per cent points from 16.6 per cent recorded in September.

“During the month, the highest increases were seen in housing, water, electricity, gas and other fuels as well as fuels and lubricants for personal transport equipment and education.

 

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