Nigeria: Inflation rate rises above 14 per cent

Nigeria’s inflation rate hit 14.23 per cent in October, the National Bureau of Statistics (NBS) says.

The inflation rate is measured by consumer price index which reflects the cost of food items and other goods and services.

The inflation rate jumped by 0.52 percentage points which is the highest recorded since July 2016 when the inflation rate increased by 0.65 percentage points.

Inflation measures the rate at which the prices of goods and services increase over a period of time.

The October CPI/Inflation report released on Monday showed that food inflation hit 17.38 percent from 16.66 percent in September.

This bureau sad the rise in the food index was caused by increases in prices of bread and cereals, onions, potatoes, yam and other tubers, meat, fish, fruits, vegetable, alcoholic and food beverages and oils and fats.