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Nigeria’s inflation rate jumps to 14.23%

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Nigeria’s inflation rate has jumped to 14.23 per cent (year-on-year) in October, showing a percentage point increase of 0.52.

The figure was 13.71 in September.

This is contained in the Consumer Price Index (CPI), a computation which measures the average prices of goods and services consumed by people over time, released by the National Bureau of Statistics (NBS) today.

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The index also increased by 1.54 per cent month-on-month compared with 1.48 per cent rise recorded in September.

The 14.23 per cent year-on-year rise in composite inflation is 0.23 percentage point above the upper band of the Central Bank of Nigeria (CBN)’s prediction for the end of the year.

Maintaining the recent trend, the food category led the index. It rose from 16.66 per cent year-on-year recorded in September to 17.38 per cent in October.

The rise in food inflation shows that Nigerian households have continued to spend an increasing percentage of their incomes on food.

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