By InvestAdvocate

Lagos (INVESTADVOCATE)-Nigeria’s inflation on Monday has continued its rising spree as recession bites harder in Africa’s largest economy, according to the latest report from the National Bureau of Statistics (NBS).

According to the NBS, the Consumer Price Index (CPI) which measures inflation increased by 18.3 percent (year-on-year) in October 2016, 0.48 percent points higher from the rate recorded in September (17.9 percent).

“Increases were recorded across almost all major divisions which contribute to the Headline Index. Communication and Restaurants and Hotels recorded the slowest pace of growth in October, growing at 5.7 percent and 9.4 percent year-on-year respectively,” the NBS said.

The NBS says on a month-on-month basis, the Headline index rose by 0.83 percent in October, higher from the rate recorded in September (0.81 percent).  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.

On month-on-month basis, the Urban index rose by 0.81 percent in October from 0.79 percent recorded in September, while the Rural index rose by 0.84 percent in October from 0.83 percent in September.

The Nigeria’s Statistics office said the percentage change in the average composite CPI for the twelve-month period ending in October 2016 over the average of the CPI for the previous twelvemonth period was 14.2 percent, higher from 13.5 percent recorded in September. The corresponding twelve-month year-on-year average percentage change for the urban index increased from 14.4 percent in September to 15.3 percent in October, while the corresponding rural index also increased from 12.6 percent in September to 13.3 percent in October.

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