Inflation has risen up to an all-time high of 11.24 per cent in September as against the 11.02 per cent recorded in August after the Federal Government announced a total closure of the nation’s borders.
According to a statement obtained from the National Bureau of Statistics (NBS) website. this is 0.22 per cent points higher than the rate recorded in August 2019 (11.02) per cent.
It said that the increases were recorded in all Classification of Individual Consumption according to Purpose (COICOP) divisions that yielded the headline index.
However, the headline index increased, month-on-month basis, by 1.04 per cent in September 2019.
NBS said that this is 0.05 per cent rate higher than the rate recorded in August 2019 (0.99) per cent.
“The percentage change in the average composite Consumer Price Index (CPI) for the 12-month period ending September 2019 over the average of the CPI for the previous 12-month period was 11.268 per cent, showing 0.003 per cent point from 11.27 per cent recorded in August 2019.
“The urban inflation rate increased by 11.78 per cent (year-on-year) in September 2019 from 11.48 per cent recorded in August 2019, while the rural inflation rate increased by 10.77 per cent in September 2019 from 10.61 per cent in August 2019.