Nigeria’s inflation rate rise to 13.71%

Nigeria’s inflation rate rise to 13.71%

Nigeria’s inflation rate rise to 13.71%

Nigeria’s inflation rate rose by 0.49 percentage point to 13.71 percent in September from 13.22 percent in August. Similarly, food inflation rose by 0.66 percent point to 16.66 percent during the period. The National Bureau of Statistics (NBS) disclosed this in its Consumer Price Index (CPI) report for September 2020.

According to the bureau, the rise in food inflation was due to increases in prices of bread and cereals, potatoes, yam and other tubers, meat, fish, fruits and oils and fats.

The report stated: “The consumer price index, (CPI) which measures inflation increased by 13.71 percent (year-on-year) in September 2020. This is 0.49 percent points higher than the rate recorded in August 2020 (13.22) percent.Increases were recorded in all COICOP divisions that yielded the Headline index. “On a month-on-month basis, the Headline index increased by 1.48 percent in September 2020. This is 0.14 percent rate higher than the rate recorded in August 2020 (1.34) percent.

” The urban inflation rate increased by 14.31 percent (year-on-year) in September 2020 from 13.83 percent recorded in August 2020, while the rural inflation rate increased by 13.14 percent in September 2020 from 12.65 percent in August 2020.

“On a month-on-month basis, the urban index rose by 1.56 percent in September 2020, up by 0.14 from 1.42 percent recorded in August 2020, while the rural index also rose by 1.40 percent in September 2020, up by 0.13 from the rate recorded in August 2020 (1.27 percent).” On food inflation it said:” composite food index rose by 16.66 percent in September 2020 compared to 16.00 percent in August 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 and Oils and fats. “On a month-on-month basis, the food sub-index increased by 1.88 percent in September 2020, up by 0.21 percent points from 1.67 percent recorded in August 2020. ”

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