Nigeria’s inflation rate has again risen for the second time in a row, according to data from the National Bureau of Statistic (NBS).
The stats released Tuesday showed a jump by a slim margin of 0.05 percent to 11.28 percent in September, compared to 11.23 percent recorded in August.
According to the NBS, the composite food index rose to 13.31 percent year-on-year in September, driven by an increase in the price of poultry product, vegetables, and other important food items.
Similarly, the country’s urban inflation rate increased to 11.70 percent year-on-year, while the rural inflation rate increased to 10.92 per cent last month.
On a month-on-month basis, the headline index dropped by 0.21 percent to 0.84 percent in September, the food sub-index fell by 0.42 percent points to 1.00 per cent, while the urban index and rural index both fell by 0.14 to 1 and 0.82 percent each.
This rise in the food index was caused by increases in prices of Potatoes, yams and other tubers, vegetables, fruits, meat, milk, cheese and egg, Bread and cereals, and Fish.
On a month-on-month basis, the food sub-index increased by 1.00 percent in September 2018, down by 0.42 percent points from 1.42 percent recorded in August.
