JUST IN: Nigeria Hits Highest Inflation Rate In Eight Months

Nigeria's inflation rate has risen to its highest in eight months by hitting 11.61 per cent, data released by the National Bureau of Statistics revealed.

According to the consumer price index, which measures inflation, their is an increase of 0.37 per cent between the rate in September and October.

On a month-on-month basis, the headline index increased by 1.07 per cent in October 2019, or 0.03 percentage points higher than the rate recorded in September 2019.

The percentage change in the average composite CPI for the 12 months period ending October 2019 over the average of the CPI for the previous 12 months period was 11.30 per cent, showing 0.03 percentage point increase from 11.27 per cent recorded in September 2019.

The urban inflation rate stood at 12.20 per cent (year-on-year) in October 2019 from 11.78 per cent recorded in September 2019, while the rural inflation rate was recorded at 11.07 per cent in October 2019 from 10.77 per cent in September 2019.