Nigeria Will Experience Rise In Inflation Rate- Report

Nigeria will have a rise in inflation rate (year-on-year) of 11.34 percent in October from 11.28 percent recorded in September.

This was revealed by an FSDH research which noted that the inflation rate will show in higher prices within the food and non-alcoholic beverages division.

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Concise gathered that the National Bureau of Statistics (NBS) will publish the inflation rate for October on Wednesday, November 14.

“FSDH Research’s analysis indicates that in October 2018 the value of the naira appreciated at the Nigerian Autonomous Foreign Exchange, while it depreciated at the parallel market,” the report noted.

“At the NAFEX market, the value of the naira appreciated by 0.09 percent to close at $/N363.40 from $/N363.72 in the prior month, while at the parallel market the naira depreciated by 0.28 percent to close at $/N362.00 from $/N361 in September 2018.

“The appreciation recorded in the value of the naira at the NAFEX market should lower the pass-through effect of imported inflation in Nigeria.”

It noted that “The prices of food items that FSDH Research monitored in October 2018 moved in varying directions, and led to an overall 0.95 percent increase in our food and non-alcoholic index.”