Business

Inflation Rate Rises To 11.6%, Highest In 18 Months

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The consumer price index released by the National Bureau of Statistics on Monday has shown that inflation the rate in October has risen to 11.6%.

This is an increase of 0.36 percentage points compared to 11.24% recorded in September.

The rise in inflation rate according to experts may be connected to the ongoing border closure which had made it difficult for products to be exported and imported into the country through the land borders

The report reads in part, “The consumer price index, which measures inflation rose by 11.61 per cent year-on-year in October 2019.

“This is 0.36 percentage points higher than the rate recorded in September 2019 (11.24 percent).”

On month-on-month basis, the report said the index increased by 1.07 per cent in October, adding that this is 0.03 percentage points higher than the 1.04 per cent recorded in September.

Adelowo Adegboyega
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