Nigeria: Inflation climbs to 17-month high in October
Consumer prices increased 1.07% on a month-on-month basis in October, up from September’s 1.04% rise. The mild pick-up was mainly driven by a faster growth of food prices.
Inflation leaped from 11.2% in September to 11.6% in October, the highest reading since May 2018. Thus, it climbed further above the Central Bank’s target range of 6.0%–9.0%. Meanwhile, annual average inflation held steady at 11.3% for the seventh consecutive month in October.
Moreover, core consumer prices, which exclude volatile agricultural produce, rose 0.74% month-on-month in October, below September’s 0.89% increase. Core inflation remained stable at 8.9% in October.