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Inflation Rises To 13.71%

Admin 16-Oct-2020 Business

Nigeria’s headline inflation is headed strongly to the north with the latest figure standing at 13.71 per cent (year-on-year) in September 2020.

That is 0.49 per cent points higher than the rate recorded in August 2020 (13.22) per cent.

Increases were recorded in all COICOP divisions that yielded the headline index, according to figures that were released by the National Bureau of Statistics (NBS) yesterday. 

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).

Nigeria’s inflation rate has been on a steady rise for about six months.
Food inflation, according to the NBS report, contributed to the overall headline inflation increase.

It stated that food inflation rose from 16.00 percent in August 2020 to 16.66 percent in September 2020.

The 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. 

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