Nigeria's inflation has risen for the second consecutive month after witnessing decline in the preceeding 18 months.
According to report from the National Bureau of Statistics the consumer price index, which measures inflation, stood at 11.28% in September from 11.28% recorded in August on a year-on-year basis,
“On a month-on-month basis, the Headline index increased by 0.84 percent in September 2018, down by 0.21 percent points from the rate recorded in August 2018 (1.05) percent.
“The urban inflation rate increased by 11.70 percent (year-on-year) in September 2018 from 11.67 percent recorded in August 2018, while the rural inflation rate increased by 10.92 percent in September 2018 from 10.84 percent in August 2018.
“On a month-on-month basis, the urban index rose by 0.86 percent in September 2018, down by 0.14 from 1.00 percent recorded in August, while the rural index also rose by 0.82 percent in September 2018, down by 0.14 percent from the rate recorded in August 2018 (0.96) percent.
“The composite food index rose by 13.31 percent in September 2018 compared to 13.16 percent in August 2018.” the report revealed
However, the food sub-index was one percent in September compared to the 1.42% recorded in August 2018.
The food items that triggered the increase in food inflation were caused by increases in the prices of potatoes, yam, vegetable, fruits, meat, milk, cheese, egg, bread, fish and cereals.
The farmer-herdsmen crisis and most recently, flooding in some parts of the country, have immensely contributed in drop in food production.
It was on the basis of the farmer-herdsmen crisis that the World Bank cut its growth projection for Nigeria from 2.1% to 1.9%.