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Nigeria’s Consumer Price Index (CPI) accelerated for the twelfth consecutive month in October as the index rose by 18.3 per cent year-on-year compared to a 17.9 per cent rise recorded in September. According to the latest inflation report released by the National Bureau of Statistics today, increases were recorded across almost all major divisions that contribute to the index.

As Nigerian macroeconomic conditions continue to deteriorate due mainly to the slump in oil prices, foreign exchange shortages, the devaluation of the naira, and an increase in fuel prices are the major inflation pressures.

Food inflation rose by 17.1 per cent in October from 16.6 per cent recorded in September due to higher prices of bread, cereal, fish, and meat. “During the month, 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,” the NBS said.

Core inflation – which excludes farm produce – rose by 18.1 per cent in October from 17.7 per cent posted a month earlier. The highest price increases were seen in major categories such as housing, water, electricity, gas and other fuels, fuels and lubricants for personal transport, equipment and education.

“Significant price movement under the Core Sub-index was also recorded for Clothing and Footwear, which recorded an increase of 17.8 per cent year on year,” the statistics agency said. “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 (10.3 per cent).”

According to the NBS, the urban index rose by 19.9 per cent 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 the previous month.