Nigeria’s inflation rate hits 13.71%, highest in 18 months

Inflation Market Lagos

 

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.

The rate is the highest since March 2019.

According to the September CPI/Inflation report released by the National Bureau of Statistics (NBS), 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.

Food inflation stood at 16.66 percent in September 2020 from 16.00 percent in August 2020. Core Inflation at 10.58 percent in September 2020 from 10.52 percent in August 2020.

According to the report, “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) per cent.

“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.”

NBS said the rise in food index was caused by increases in prices of bread and cereals, potatoes, yam and other tubers, meat, fish, fruits and oils and fats.