Inflation Rate Hits 13.71% in Nigeria

Nigeria recorded a high rate of inflation in September, the highest since March 2018.

The country’s inflation rate rose to 13.71 percent in September 2020, 0.49 percent points higher than the rate recorded in August 2020 (13.22%).

The National Bureau of Statistics (NBS) in its CPI/Inflation report for September also revealed that 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.

Food inflation stood at 16.66 percent in Sept 2020 from 16.00 percent in Aug 2020. Core Inflation at 10.58 percent in Sept 2020 from 10.52 percent in Aug 2020. This was reportedly caused by increase in prices of bread and cereals, potatoes, yam and other tubers, meat, fish, fruits and oils and fats.

The report read;

“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.”