Nigeria’s inflation rises to 13.71%

0
30

The National Bureau of Statistics (NBS) has released its Consumer Price Index (CPI) report for September 2020 which shows that inflation for the month rose by 0.49 percentage point to 13.71 per cent from 13.22 per cent in August.

It stated that food inflation rose by 0.66 percentage point to 16.66 per cent during the period.

The bureau explained that the rise in food inflation was due to increases in the prices of bread and cereals, potatoes, yam and other tubers, meat, fish, fruits and oils and fats.

 “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) per cent. Increases were recorded in all COICOP divisions that yielded the Headline index.

“On a month-on-month basis the headline index increased by 1.48 per cent in September 2020. This is 0.14 per cent rate higher than the rate recorded in August 2020 (1.34) percent.

“The urban inflation rate increased by 14.31 per cent (year-on-year) in September 2020 from 13.83 per cent recorded in August 2020, while the rural inflation rate increased by 13.14 percent in September 2020 from 12.65 percent in August 2020.

“On a month-on-month basis, the urban index rose by 1.56 percent in September 2020, up by 0.14 from 1.42 per cent recorded in August 2020, while the rural index also rose by 1.40 percent in September 2020, up by 0.13 from the rate recorded in August 2020 (1.27 per cent),” the bureau stated.

On food inflation it said: “Composite food index rose by 16.66 percent in September 2020 compared to 16.00 per cent in August 2020.

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

“On a month-on-month basis, the food sub-index increased by 1.88 percent in September 2020, up by 0.21 percent points from 1.67 percent recorded in August 2020,” it added.

LEAVE A REPLY

Please enter your comment!
Please enter your name here