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NBS boss schools doubters as inflation accelerates to 18.3% in October

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NBS boss schools doubters as inflation accelerates to 18.3% in October

The National Bureau of Statistics on Monday released the Consumer Price Index which measures inflation rate with the index rising from 17.9 per cent in September to 18.3 per cent in October.

The bureau in the report attributed the increase in inflation rate to pressures recorded in some sub-index such as housing, electricity, gas, water, lubricants for personal transport and education.

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Shortly after the report was released, the statistician-general of the federation, who heads the National Bureau of Statistics (NBS) had to clarify issues raised by some Twitter users who felt the month-on-month acceleration by 0.83 per cent was too conservative.

Mr. Kale went into a tweetstorm explaining how the CPI is calculated. It is a good explainer for all those wondering how inflation rate is calculated.

 

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