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BREAKING: Nigeria’s inflation rate climbs to 11.61%

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As Border closure continues to push up prices of goods and services

Inflation, Nigeria
inflation

By Babajide Komolafe

The National Bureau of Statistics (NBS) said that Nigeria’s annual inflation rate rose to 11.61 per cent in October. The NBS disclosed this in its monthly Consumer Price Index October 2018 report.

The inflation measures the rate of increase in prices of goods and services. The October inflation rate represents the highest level in 17 months, since May 2018, reflecting the severe impact of the ongoing border closure on prices of goods and services.

The above implies that the prices of goods and services are rising at the fastest pace since May 2018.

ALSO READ: 2019: NBS to release 179 reports on economy

The NBS report stated: “The consumer price index, (CPI) which measures inflation rose by 11.61 per cent (year-on-year) in October 2019. This is 0.36 percentage points higher than the rate recorded in September 2019 (11.24 per cent).”

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