Nigeria’s Inflation Hits 14.23%

NBS said the urban inflation rate increased by 14.81 per cent (year-on-year) in October 2020 from 14.31 per cent recorded in September 2020, while the rural inflation rate increased by 13.68 percent in October 2020 from 13.14 per cent in September 2020.

Minister of Finance and Budget planning, Mrs. Zainab Ahmed, says government is worried over the fate of oil revenue / Photo credit: premiumtimesng.com
Minister of Finance and Budget planning, Mrs. Zainab Ahmed, says government is worried over the fate of oil revenue / Photo credit: premiumtimesng.com

The consumer price index, (CPI) which measures inflation increased by 14.23 per cent (year-on-year) in
October 2020. This is 0.52 per cent points higher than the rate recorded in September 2020 (13.71
per cent).

The National Bureau of Statistics (NBS) in the most recent data published at its website on Monday said increases were recorded in all COICOP divisions that yielded the Headline index.

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

“The percentage change in the average composite CPI for the twelve months period ending October 2020
over the average of the CPI for the previous twelve months period was 12.66 percent, showing a 0.22
percent point rise from 12.44 percent recorded in September 2020.”

NBS said the urban inflation rate increased by 14.81 per cent (year-on-year) in October 2020 from 14.31 per cent recorded in September 2020, while the rural inflation rate increased by 13.68 percent in October 2020 from 13.14 per cent in September 2020.

On a month-on-month basis, the urban index rose by 1.60 percent in October 2020, up by 0.04 from 1.56 per cent recorded in September 2020, while the rural index also rose by 1.48 per cent in October 2020, up by 0.08 from the rate recorded in September 2020 (1.40 per cent).

“The corresponding twelve-month year-on-year average percentage change for the urban index is 13.29 per cent in October 2020. This is higher than 13.07 per cent reported in September 2020, while the corresponding rural inflation rate in October 2020 is 12.09 percent compared to 11.86 percent recorded in September 2020,” NBS said.

Written by The Interview Editors

The Interview is a niche publication, targeting leaders and aspiring leaders in business, politics, entertainment, sports, arts, the professions and others within society’s upper middle class and high-end segment in Nigeria.

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Segun Kuti-George is a board member of Lagos State Consumer Protection Agency ( LASCOPA and CEO, Goshen Marbles.

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