Annual inflation rate jumps to 11.61% – NBS

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According to the monthly Consumer Price Index (CPI) report for the month of October released by the National Bureau of Statistics (NBS), the Nigeria annual inflation rate has increased by 0.36 percent.

According to the report, the inflation rate rose from 11.24 per cent in September to 11.61 per cent in October.

“Increases were recorded in all COICOP divisions that yielded the Headline index.

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.

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