Nigeria’s Inflation Rate Hits 14.23% -NBS

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Statistician General of the Federation & CEO, NBS, Dr. Yemi Kale.

The National Bureau of Statistics (NBS) has reported an increase in the nation’s inflation rate from 13.71 percent in September, 2020 to 14.23 percent in October, 2020.

NBS said, “the consumer price index, (CPI) which measures inflation increased by 14.23 percent (year-on-year) in October 2020.”

“This is 0.52 percent points higher than the rate recorded in September 2020 (13.71
percent),” it said.

The bureau said, increases were recorded in all COICOP divisions that yielded the Headline index.

It said, on a month-on-month basis, the Headline index increased by 1.54 percent in October 2020, this is 0.06 percent rate higher than the rate recorded in September 2020 (1.48 percent).

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

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

It said, the corresponding twelve-month year-on-year average percentage change for the urban index is 13.29 percent in October 2020.

This, according to NBS was higher than 13.07 percent 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.

It said, the composite food index rose by 17.38 percent in October 2020 compared to 16.66 percent in September 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, Vegetable, alcoholic and food beverages and Oils and Fats,” the bureau said.

It said, on month-on-month basis, the food sub-index increased by 1.96 percent in October 2020, up by 0.08 percent points from 1.88 percent recorded in September 2020.

It said, the average annual rate of change of the Food sub-index for the twelve-month period ending October 2020 over the previous twelve-month average was 15.42 percent, representing a 0.29 percent points from the average annual rate of change recorded in September 2020 (15.13) percent.

NBS said, in October 2020, all items inflation on year on year basis was highest in Zamfara (17.69%), Sokoto (16.99%) and Ebonyi (16.91%), while Lagos (11.96%), Abuja (11.84%) and Cross River (10.50%) recorded the slowest rise in headline Year on Year inflation.

It said, on month on month basis however, October 2020 all items inflation was highest in Sokoto (2.91%), Edo
(2.53%) and Akwa Ibom (2.52%), while Oyo (0.69%), Taraba (0.60%) and Jigawa (0.37%) recorded the slowest rise in headline month on month inflation.

The bureau said, in October 2020, food inflation on a year on year basis was highest in Edo (21.65%), Zamfara (20.88%) and Kogi (20.58%), while Lagos (14.57%), Ogun (14.47%) and ondo (14.23%) recorded the slowest rise.

It said, on month on month basis however, October 2020 food inflation was highest in Kwara (3.88%), Edo (3.81%) and Sokoto (3.65%), while Oyo (0.57%) and Jigawa (0.54%) and Taraba (0.29%) recorded the
slowest rise on month on month inflation.

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