The cost of living in Nigeria continued to rise in September, as prices of goods and services climbed over persistence scarce foreign exchange and high cost of importation.

The consumer price index, which measures inflation rose from 17.6 percent (year-on-year) in August to 17.9 percent in September, according to the National Bureau of Statistics (NBS) report released on Friday.

On a monthly basis, inflation rose by 0.8 percent in September, down from 1.0 percent recorded in August.

While, core sub-index rose by 17.7 percent during the month, a 0.5 percent increase from 17.2 percent recorded in August.

“During the month, the highest increases were seen in Clothing materials, other articles of clothing and clothing accessories, Garments, Shoes and other footwear, Books and stationeries, Jewelry, clocks and watches, and Motorcycles,” NBS stated.

The Central Bank of Nigeria increased interest rate by 200 basis points to attack surging inflation and sustain capital inflow needed to fill the deficit created by oil short-fall.

But analysts and experts across the country have called for ease monetary policy, insisting it is cost-push inflation and not demand-pull, hence, increased inflation rate will have no meaningful effect on consumer prices.

Accordingly, the food index climbed 0.8 percent in September, down from 1.2 percent recorded in August. On a 12-month basis, food index rose by 16.6 percent.

The increase has been attributed to the high cost of meat, bread and cereals and oil and fats.

http://investorsking.com/cost-of-living-in-nigeria-surges-to-17-9-in-september-nbs/

Nigeria now in the Other Room of recession.


God we are still waiting for your intervention.

After buhari voting in an election would be done by critical thinking.

We are on change, the moving train whether good or bad change is change.
Hungerbad na ur turn come and lecture them on this issue

Demonic change of hunger and lies.

Odiegwu, I thought they claimed that naira is fast appreciating and may soon equal the dollar and they have revolutionized agriculture so why is cost of living getting out of hand

bonechamberlain:
After buhari voting in an election would be done by critical thinking.

Look we made right choice voting for apc in 2015 because pdp was not an option. Because pdp destroyed nigeria for 16 years.
Of course apc performance is bad, but generally this is a country of bad leaders.

There is no reason why apc failing like this except they chose to be stupid.
It is now imperative to consider other alternatives to apc.

nigeria is a country without heroes.

proeast:
Odiegwu, I thought they claimed that naira is fast appreciating and may soon equal the dollar and they have revolutionized agriculture so why is cost of living getting out of hand

That happened last week, this month. This is a report for September usually released 15th of the following month.

I voted for change and i'm sure change will arrive as long as i will exercise patient.

Bari22:
I voted for change and i'm sure change will arrive as long as i will exercise patient.

How I wish only zombies suffer this hardship called chanji. Even Aisha is Wailing!

OK