Inflation hits 11.61% — highest in 17 months

The consumer price index, which measures inflation, rose to 11.61% in October, data released by the National Bureau of Statistics (NBS) has shown.

This is an increase of 0.36 percentage points compared to 11.24% recorded in September.

This was the exact inflation rate recorded in May 2018 when the country was recovering from the recession and high inflation rate.

“The urban inflation rate stood at 12.20 percent (year-on-year) in October 2019 from 11.78 percent recorded in September 2019, while the rural inflation rate was recorded at 11.07 percent in October 2019 from 10.77 percent in September 2019,” the report read.

“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 year-on-year basis, inflation was highest in Kebbi at 15.20% and lowest in Bayelsa at 9.07%.

For states, food inflation was highest in Kebbi at 17.53%, Ondo at 17.01% and Ogun at 17%. The slowest increase in the prices of food items was recorded in Kogi (12.12%), Katsina (11.18%) and Bayelsa (9.55%).

According to the report, “Bayelsa, at -0.35%, recorded price deflation or negative inflation” which is a decrease in the general price level of food or a negative food inflation rate.