BREAKING: Inflation Rate Crosses 14% — Highest Jump In Four Years

The National Bureau of Statistics (NBS) says consumer price index, which measures inflation, hit 14.23 percent in October.

The inflation rate jumped by 0.52 percentage points which is the highest recorded since July 2016 when the inflation rate increased by 0.65 percentage points.

Inflation measures the rate at which the prices of goods and services increase over a period of time.

The October CPI/Inflation report released on Monday showed that food inflation hit 17.38 percent from 16.66 percent in September.

This bureau sad the rise in the food index was caused by increases in prices of bread and cereals, potatoes, yam and other tubers, meat, fish, fruits, vegetable, alcoholic and food beverages and oils and fats.