BREAKING: Border closure pushes inflation to 11.24% from 11.02% | Nigerian News. Latest Nigeria News. Your online Nigerian Newspaper. f

0


The consumer price index, that measures the rate at which the prices of goods and services in increase, stood at 11.24% in September.

This is a 0.22 percentage point increase from the 11.02% recorded in August.

All the indices that measure inflation recorded an increase.

“The urban inflation rate increased by 11.78 percent (year-on-year) in September 2019 from 11.48 percent recorded in August 2019,” the report read.



“The rural inflation rate increased by 10.77 percent in September 2019 from
10.61 percent in August 2019.”

Food inflation increased by 0.34 percentage points to hit 13.51%.

The food inflation number was reported to have been caused by “increases in prices of bread and cereals, oils and fats, meat, potatoes, yam and other tubers, fish and vegetables”.

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

“On 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 River recording price deflation or negative inflation (general decrease in the general price level of food or a negative food inflation rate).”

Nigeria has closed its borders with neighbouring countries since August with President Muhammadu Buhari saying the action was taken to curb smuggling.

On Monday, Hameed Ali, the comptroller general of the Nigeria Customs Service, announced that import and export of goods through the land borders has been suspended.





Signup for FREE news updates, latest information and hottest gists everyday/Advertise on NigerianEye.com

Post a Comment Default Disqus

Latest Nigerian News
Comments are Moderated. Clean Comments will be swiftly approved. No swear words, no racism, allowed.

 
xzb
Top