Border closure: Nigeria's inflation rises to 11.24% as foodstuff prices skyrocket

Border closure: Nigeria's inflation rises to 11.24% as foodstuff prices skyrocket

Nigeria’s inflation rate rose from 11.02% to 11.24% in August 2019, according to the consumer price index, which measures the rate at which the prices of goods and services in increase in the country.

Accordingly, the increase put at 0.22% points occurred after three consecutive declines and at a time the federal government decided to shut down the country’s borders.

The report just released by Yemi Kale, statistician general of the federation and chief executive officer of the country’s bureau of statistics, said food inflation rose up to 13.51% in September 2019 (13.17% in Aug 2019); while core inflation shut up to 8.94% in Aug 2019 (8.68% in Aug 2019).

"This rise in the food index was caused by increases in prices of bread and cereals, oils and fats, meat, potatoes, yam and other tubers, fish and vegetables.

“In September 2019, food inflation on a year-on-year basis was highest in Niger (16.65%), Nasarawa (16.57%) and Abuja (16.31%), while Akwa Ibom (11.72%), Benue (11.22%) and Bayelsa (9.95%) recorded the slowest rise,” the report said.

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It added that on a month-on-month basis, however, September 2019 food inflation was highest in Kogi (4.90%), Delta (3.82%) and Kwara (3.70%), while Kano (0.18%) and Zamfara (0.17%) recorded the slowest rise with Rivers recording price deflation or negative inflation.

Legit.ng earlier reported that Colonel Hameed Ali, head of the Nigerian Customs Service (NCS), recently revealed that N1.4 billion had been saved, from the country's partial closure of its borders.

Ali also said that the NCS had arrested 317 suspected smugglers and 146 illegal migrants

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Border Closure: Traders lament unbelievable price hike of foodstuff in the market| Legit TV

Source: Legit.ng

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