Nigeria’s Inflation Rate Rises To 14 Per Cent As Food Prices Surge

Nigeria’s inflation rate rose to 14 per cent in October 2020, indicating 0.52 per cent point higher than 13.71 per cent recorded in September 2020.

This was contained in the Consumer Price Index report released by the National Bureau of Statistics on Monday.

The report showed that food inflation hit 17.38 per cent from 16.66 per cent in September.

This bureau said the rise in the food index was caused by increases in prices of bread, cereal, oil, potato, yam and other tubers, meat, fish, fruits, vegetable, alcoholic and food beverages.

According to the report, all items inflation on a year-on-year basis was highest in Zamfara (17.69 per cent), Sokoto (16.99 per cent) and Ebonyi (16.91 per cent), while Lagos (11.96 per cent), Abuja (11.84 per cent) and Cross River (10.50 per cent) recorded the slowest rise.

“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 per cent in October 2020 from 13.14 per cent in September 2020,” the report reads.

Core inflation, which excludes the prices of volatile agricultural produce, stood at 11.14 percent in October 2020, up by 0.56 per cent when compared with 10.58 per cent recorded in September 2020.





Original Author

SaharaReporters, New York

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