NBS: Inflation In Nigeria 18.3% In October 2016

Unic Press UK: In October 2016, the rate of inflation in Nigeria was 18.3 percent, says the National Bureau of Statistics (NBS)

In September 2016, August 2016 and in July 2016, the rates were 17.9%, 17.6% and 17.1% in respective terms.

Excerpts from NBS October 2016 report reads:

“The Consumer Price Index (CPI) which measures inflation increased by 18.3 percent (year-on-year) in October 2016, 0.48 percent points higher from the rate recorded in September (17.9 percent). Increases were recorded across almost all major divisions which contribute to the Headline Index. Communication and Restaurants and Hotels recorded the slowest pace of growth in October, growing at 5.7 percent and 9.4 percent year-on-year respectively. ”

The Food Index rose by 17.1 percent (year-on-year) in October, up by 0.47 percent points from 16.6 percent recorded in September. During the month, all major food groups which contribute to the Food sub-index increased with Fruits recording the slowest pace of increase at 11.5 percent. ”

Price movements recorded by the All Items less farm produce or Core subindex rose by 18.1 percent (year-onyear) in October, up by 0.4 percent points from rates recorded in September (17.7 percent). During the month, the highest increases were seen in Housing, Water, Electricity, Gas and Other Fuels as well as, fuels and lubricants for personal transport equipment  and Education.

“Significant price movement under the Core Sub-index was also recorded for Clothing and Footwear, which recorded as increase of 17.8 percent year on year. The groups with least growth pace recorded in October were Communication (5.7 percent), Restaurants and Hotels (9.4 percent) and Recreation and Culture (10.3 percent).

“On a month-on-month basis, the Headline index rose by 0.83 percent in October, higher from the rate recorded in September (0.81 percent). The Urban index rose by 19.9 percent (year-on-year) in October from 19.5 percent recorded in September, and the Rural index increased by 16.95 percent in October from 16.4 percent in September.

“On month-on-month basis, the Urban index rose by 0.81 percent in October from 0.79 percent recorded in September, while the Rural index rose by 0.84 percent in October from 0.83 percent in September. The percentage change in the average composite CPI for the twelve-month period ending in October 2016 over the average of the CPI for the previous twelvemonth period was 14.2 percent, higher from 13.5 percent recorded in September. The corresponding twelve-month year on year average percentage change for the urban index increased from 14.4 percent in September to 15.3 percent in October, while the corresponding rural index also increased from 12.6 percent in September to 13.3 percent in October.“