Electricity, food items prices gallop inflation rate to 18.3% from 17.9% – NBS
Key household consumables including housing, electricity and food items have dragged Nigeria’s inflationary trend from rising from 17.9 per cent in September to 18.3 per cent in October.
This was the key revelation of the latest report on the Consumer Price Index which measures inflation rate released by the National Bureau of Statistics on Monday.
NBS said the index has risen from 17.9 per cent in September to 18.3 per cent in October.
The report which read in part, said “The CPI which measures inflation increased by 18.3 per cent (year-on-year) in October 2016, 0.48 percent points higher from the rate recorded in September.
“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 per cent and 9.4 per cent year-on-year respectively.
“The food index rose by 17.1 per cent (year-on-year) in October, up by 0.47 per cent points from 16.6 per cent recorded in September.
“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.
NBS further revealed that the least growth pace recorded in October were experienced in Communication (5.7 per cent), restaurants and hotels (9.4 per cent) and recreation and culture (10.3 per cent).
The urban index rose by 19.9 per cent (year-on-year) in October from 19.5 per cent recorded in September, while the rural index increased by 16.95 per cent in October from 16.4 per cent in September.
