Business Prices of Goods Increase Again As Inflation Hits 18.3%

Nigeria's annual inflation accelerated in October to 18.3 percent from 17.9 percent in September, swinging to a more than 11-year high and the ninth monthly rise in a row.

“Food Inflation in October 2016 stood at 17.09% from 16.62% in September yearr on yearr and 0.81% month on montn from 0.81% in September 2016”, the National Bureau of Statistics (NBS) said on Monday.


Inflation in October 2016 was driven by major household appliances, glassware, tableware and household utensils, solid and liquid fuels, vehicles and their spare parts, education and related items, motor cycles, fish, oils, meat and vegetables.

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