Higher Food, Commodity Prices Drive Inflation up to 18.3%

James Emejo in Abuja

The Consumer Price Index (CPI) which measures inflation increased to 18.3 per cent year-on-year in October, compared to 17.9 per cent in the previous month, the National Bureau of Statistics (NBS) stated yesterday.

It attributed the 0.48 per cent increase to increases in food and other major divisions which determine the Headline index.

The food Index rose by 17.1 per cent (year-on-year) in October, up by 0.47 per cent from 16.6 per cent recorded in September.

The NBS, in its CPI figures for October noted that all major food groups which contribute to the food sub-index increased with fruits recording the slowest pace of increase at 11.5 per cent.
It added that communication and restaurants and hotels further recorded the slowest pace of growth in October, growing at 5.7 per cent and 9.4 per cent year-on-year respectively.
However, it stated that the highest price increases were seen in Housing, water, electricity, gas and other fuels as well as, fuels and lubricants for personal transport equipment and education.

The “all Items less farm produce’’ or core sub-index, which excludes the prices of volatile agricultural produce increased by 18.1 per cent during the month, 0.4 per cent points from 17.7 per cent recorded in September as all key divisions which contributes to the index increased, the statistical agency added.

The urban index rose by 19.9 percent (year-on-year) in October from 19.5 per cent recorded in September while the rural index increased by 16.95 per cent in October from 16.4 per cent in September.

The NBS added: “Significant price movement under the core sub-index was also recorded for clothing and footwear, which recorded as increase of 17.8 per cent year on year.
The groups with least growth pace recorded in October were communication (5.7 per cent), restaurants and hotels (9.4 per cent) and recreation and culture (10.3per cent).”