Nigeria’s Inflation Rate rises to 11.28% -NBS

By Etuka Sunday

Data from the National Bureau Statistics (NBS) has shown that the nation’s Inflation rate has risen to 11.28%.
NBS said, the consumer price index, (CPI) which measures inflation increased by 11.28 percent (year-on-year) in September 2018.
The Bureau said the current rate was 0.05 percent points higher than the rate recorded in August 2018 (11.23) percent. Increases were recorded in all COICOP divisions that yielded the Headline index.
It said, on month-on-month basis, the Headline index increased by 0.84 percent in September 2018, down by 0.21 percent points from the rate recorded in August 2018 (1.05) percent.
The percentage change in the average composite CPI for the twelve months period ending September 2018 over the average of the CPI for the previous twelve months period was 13.16 percent, showing 0.39 percent point from 13.55 percent recorded in August 2018.
The urban inflation rate increased by 11.70 percent (year-on-year) in September 2018 from 11.67 percent recorded in August 2018, while the rural inflation rate increased by 10.92 percent in September 2018 from 10.84 percent in August 2018.
On a month-on-month basis, the urban index rose by 0.86 percent in September 2018, down by 0.14 from 1.00 percent recorded in August, while the rural index also rose by 0.82 percent in September 2018, down by 0.14 percent from the rate recorded in August 2018 (0.96) percent.
The corresponding twelve-month year-on-year average percentage change for the urban index is 13.58 percent in September 2018. This is less than 13.95 percent reported in August 2018, while the corresponding rural inflation rate in September 2018 is 12.80 percent compared to 13.21 percent recorded in August 2018