Nigeria’s inflation rate surges further, now 14.2%

Nigeria's inflation rate surges further, now 14.2%
Nigeria’s inflation rate surge by 0.5 percent point to 14.2 percent in October from 13.7 percent in September 2020, the National Bureau of Statistics (NBS), has said.

This according to the statistician agency, represents the 14th consecutive monthly rise in Headline inflation since September 2019 when it stood at 11.24 percent.

Similarly, food inflation rose by 0.72 percent point in October to 17.38 percent from 16.66 percent in September.

According to NBS Consumer Price Index (CPI) Report for October released on Monday, “The consumer price index, (CPI) which measures inflation increased by 14.23 percent (year-on-year) in October 2020. This is 0.52 percent points higher than the rate recorded in September 2020 (13.71 percent). Increases were recorded in all COICOP divisions that yielded the Headline index.

“On a month-on-month basis, the Headline index increased by 1.54 percent in October 2020, this is 0.06 percent rate higher than the rate recorded in September 2020 (1.48 percent).

“The urban inflation rate increased by 14.81 percent (year-on-year) in October 2020 from 14.31 percent recorded in September 2020, while the rural inflation rate increased by 13.68 percent in October 2020 from 13.14 percent in September 2020.”

On food inflation, the report stated:” The composite food index rose by 17.38 percent in October 2020 compared to 16.66 percent in September 2020. This 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.

“On month-on-month basis, the food sub-index increased by 1.96 percent in October 2020, up by 0.08 percent points from 1.88 percent recorded in September 2020.”

According to the bureau, in October 2020, food inflation on a year on year basis was highest in Edo (23 percent), Zamfara (21 percent) and Kogi (20.6 percent), while Lagos (15 percent), Ogun (14.5 percent) and ondo (14.2 percent) recorded the slowest rise.”

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