Indications that the recent closure of Nigerian land borders and other fiscal measures by the government are already taking tolls on consumers’ real economy emerged on Monday as the nation’s consumer price index (CPI), which measures inflation rose to 11.61% in October, the highest rate in 17 months.
The National Bureau of Statistics (NBS) gave this figure in the latest inflation report, noting that the inflation rose by 0.37% points when compared with the 11.24% recorded in September and 11.02% for August 2019.
By the statistical data published on the general price level in the economy by the Bureau during the month under review, food inflation rose to 14.09% compared to 13.51% in the previous month, thereby accounting for the item accounting largely for the surge in the price level.
According to the agency, Core inflation dropped to 8.88% in October from 8.94% recorded in September 2019.
A further analysis of the report showed that in the month, the average change of the food sub-index over the 12 months average was 13.54%, which was 0.07% higher than the average annual rate of change 13.47% recorded in the preceding month.
The NBS attributed the rise in the food index to increases in prices of Meat, Oils and Fats, Bread and cereals, Potatoes, Yam and other tubers, Fish and Vegetables. On a month-on-month basis, the food sub-index increased by 1.33% in October, up by 0.03% points from 1.30% recorded in September.
On the Core Inflation trend, the agency reported that the core inflation, which captures all items less farm produce, stood at 8.88% in the month under review compared to the 8.94% in the previous month. However, on a month-on-month basis, the core inflation sub-index in October increased -0.15% points slower than the 0.89%rate recorded in the previous month.
The NBS stated that the highest increases were recorded in prices of Cleaning, Repair and hire of clothing, Hospital services, Major household appliances, Repair of household appliance, Glassware, tableware and household utensils, and Garments.
The Bureau reported further that the urban inflation rate increased by 12.20% year-on-year in October from 11.78% recorded in September, while the rural inflation rate increased by 11.07% in in the month under review from 10.77% recorded in the preceding month.
It stated that on a month-on-month basis, the urban index rose by 1.15% in October, up by 0.02 from 1.13% recorded in September, while the rural index also rose by 0.99% in the month under review, up by 0.03 from the 0.96%.rate recorded in September.
