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Financial News: Nigeria Inflation At 17-Month High

Nigeria Inflation At 17-Month High

11/18/2019 - 06:42:00 (RTTNews)

(RTTNews) - Nigeria's consumer price inflation rose to the highest level in seventeen months in October, figures from the National Bureau of Statistics showed on Monday.

The consumer price index rose 11.61 percent in October, following a 11.24 percent increase in September. A similar rate of inflation was seen in May last year.

Food prices rose 14.09 percent annually in October from 13.59 percent in the previous month. On a monthly basis, food prices increased 1.33 percent.

On a month-on-month basis, consumer prices rose 1.07 percent in October, following a 1.04 percent increase in the prior month. A similar monthly inflation was seen in June.

The core inflation, which excludes the volatile prices of agricultural produce, slowed to 8.88 percent in October, following an 8.94 percent rise in the preceding month.

On a monthly basis, the core CPI rose 0.74 percent in October, after a 0.89 percent increase in the previous month.

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