Nov 15 (Lagos) - The continued weakness of the Naira, terrible flooding experience and lingering insecurity issues have elevated the pressure on prices of food and commodities as the festive season approaches. Thus, there is a high probability of an increase in benchmark interest rate at the final MPC meeting for the year (Nov 21 – 22).
On a monthly basis,
the headline index grew by 1.24% in October (vs 1.36% in September).
The core index grew at a slower pace by 0.93% M-o-M in October, while the food sub-index also grew at a slower pace of 1.23% M-o-M compared to 1.43% in September.
The urban inflation rate increased to 21.63% Y-o-Y (vs 20.25% Y-o-Y in September 2022).
The rural inflation rate advanced to 20.57% Y-o-Y (vs 20.32% Y-o-Y in September 2022).
reporting for easykobo.com on Tuesday, November 15 2022 from Lagos, Nigeria