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Nigeria's inflation rate hits over 18 pct

Xinhua, November 15, 2016 Adjust font size:

Nigeria's inflation rate for October has increased to 18.3 percent year-on-year from 17.9 percent recorded in September, according to the National Bureau of Statistics (NBS).

A statement released from the NBS on Monday showed that the Consumer Price Index, which measures inflation, was at its highest in 11 years.

Increases were recorded across almost all major divisions which contributed to the Headline Index, said the NBS report.

In addition, it said on a month-on-month basis, the Headline Index rose by 0.83 percent in October, higher from 0.81 percent recorded in September.

The Urban Index rose by 19.9 percent year-on-year in October from 19.5 percent recorded in September and the Rural Index increased by 16.95 percent in October from 16.4 percent in September, the report added.

The inflation rate showed a sustained increase from 9.6 percent recorded in January. Endit