Inflation rate rises by 9.3% in Oct, says NBS

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The National Bureau of Statistics (NBS) has reported an increase of 9.3 percent  in the inflation rate in October.

According to the latest Consumer Price Index (CPI)  issued, the October inflation rate was marginally lower from the rate recorded in September, which was 9.4 per cent.

NBS, through the CPI gauges the average change over time in the prices of goods and services that are consumed by the people in their day-to-day living.

It, however, said that the lower rate in October was as a result of lower increases in most divisions which contributed to the Headline Index, with the exceptions being Transport, Recreation and Culture divisions.

The report said that food prices edged lower in October.

It said that the Food sub-index increased by 10.1 per cent during the month, from 10.2 per cent recorded in September.

“The Food sub-index was weighted upon as a result of a slower increase in Bread and Cereals; Milk, Eggs and Cheese.

“It was also weighted upon as a result of slower increase in Potatoes, Yams and other tuber groups, the latter which has increased at a slower pace for five consecutive months,’’ it said.

The report said that both the Urban and Rural indices slowed (year-on-year) in October.

It said that the Urban index increased by 9.4 per cent from 9.5 per cent in September, while the Rural index increased by 9.2 per cent in October from 9.3 per cent in September.

“On a month-on-month basis, both the Urban and Rural indices slowed.

“The Urban Index increased by 0.4 per cent in October, from 0.7 per cent in September, while the Rural index increased by 0.4 per cent in October from 0.5 per cent in September,’’ the report concluded.

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