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Breaking: Nigeria’s Inflation hits highest in 17 months in October

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Nigeria's inflation rate hits record high as food inflation soars
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Nigeria’s consumer price index, which measures inflation rose to 11.61% in October 2019.

This was disclosed in the latest inflation report released by the National Bureau of Statistics (NBS).

According to the NBS report, inflation rose by 0.37% points, higher than the 11.24% recorded in September and 11.02% for August 2019.

Similarly, food inflation rose to 14.09% compared to 13.51% in the previous month. Meanwhile, Core inflation dropped to 8.88% from 8.94% recorded in September 2019.

The Bureau disclosed that the 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.

More details shortly…

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