Nigeria's Consumer Price Index Rises to 18.3% in October 2016


Monday, November 14, 2016 2:19 PM /Research

Nigeria’s Consumer Price Index rises to 18.3% in October 2016. The rate which started the year 2016 at 9.60% in January has been increasing YoY to get to its current rate of 18.3% in October 2016.

Month-on-month review of the rate reveals that it went up by 2.23% in October 2016 while it has actually being slowing since May 2016 from 13.87% MoM growth recorded to 1.70% in September 2016.

As stated by NBS, Increases were recorded across almost all major divisions which contribute to the Headline Index. Communication and Restaurants and Hotels recorded the slowest pace of growth in October, growing at 5.7 percent and 9.4 percent year-on-year respectively.

Also, the highest increases were seen in Housing, Water, Electricity, Gas and Other Fuels as well as, fuels and lubricants for personal transport equipment and Education.

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