Nigeria’s inflation hits 11.61% in October 2019 - NBS
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Nigeria’s inflation hits 11.61% in October 2019 - NBS

- The inflation report released by the National Bureau of Statistics shows that urban inflation rate in Nigeria stood at 12.20% in the month of October

- The information from the bureau notes that the rural inflation rate is recorded at 11.07% in the same month

- The NBS notes that the composite food index rose by 14.09% in October 2019 compared to 13.51% in September 2019 on a year on year basis

The National Bureau of Statistics (NBS) has disclosed that Nigeria’s inflation rate rose to 11.61% in the month of October 2019.

The data released by the NBS on Monday, November 18, showed that the urban inflation rate stood at 12.20% while the rural inflation rate was recorded at 11.07 percent in October 2019.

“The urban inflation rate stood at 12.20 percent (year-on-year) in October 2019 from 11.78 percent recorded in September 2019, while the rural inflation rate was recorded at 11.07 percent in October 2019 from 10.77 percent in September 2019,” the report read.

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The NBS stated that the composite food index rose by 14.09% in October 2019 compared to 13.51% in September 2019 on a year on year basis.

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

The NBS stated that inflation on a year-on-year basis was highest in Kebbi at 15.20% and lowest in Bayelsa at 9.07%.

The information showed that for states food inflation was highest in Kebbi at 17.53%, Ondo at 17.01% and Ogun at 17%.

It stated that the slowest increase in the prices of food items was recorded in Kogi (12.12%), Katsina (11.18%) and Bayelsa (9.55%).

Meanwhile, Nigeria, the Republic of Benin and Niger, have established a joint border patrol team comprising the police, customs, immigration of the tripartite countries to recommend a date for the reopening of the borders.

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The three countries agreed in a resolution on Thursday, November 14, in Abuja at the end of the tripartite anti-smuggling committee meeting of Nigeria, Benin and Niger, The News Agency of Nigeria (NAN) reports.

Reading the communiqué at the end of the meeting, Nigeria’s foreign affairs minister, Geoffrey Onyeama, said the meeting took note of all concerns raised and agreed to establish a monitoring and evaluating committee of the three countries.

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Source: Legit.ng

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