Economy

Breaking: Inflation rate hits 14.23% – highest in 31 months

Published

3 years ago

2020/11/16

Nigeria’s headline inflation has risen for the 14th consecutive month, according to the latest inflation statistics by the National Bureau of Statistics (NBS) on Monday.

The inflation rate stood at 14.23% in October, a 0.52% higher than 13.71% in September – Inflation measures the rate at which prices increase over time.

The report issued by the NBS reads, “Headline Inflation at 14.23% in Oct 2020 from 13.71% in Sept 2020. Food inflation at 17.38% in Oct 2020 from 16.66% in Sept 2020. Core Inflation at 11.14% in Oct 2020 from 10.58% in Sept 2020.

It says, food sub-index rose by 1.96%, from 17.38% in September 2020 to 19.34% in October 2020. The highest increase was recorded in bread & cereals, fish, potatoes, yam and other tubers, vegetables, meat, oil & fats, fruits, alcoholic and food beverages.

Core sub-index in October rose 1.25%, from 11.14% in September 2020 to 12.39% in October 2020.

Urban index in October rose by 1.60%, 14.81% in September 2020 to 16.41% in October 2020.

And the rural index in October rose by 1.48%. 13.68% in September to 15.16% to October 2020.