The hike in food prices and other individual consumption across the country further increased the rate of inflation in Nigeria to 14.23 percent in October 2020.
Figures released by the National Bureau of Statistics on Monday showed that the country’s inflation increased again in October, moving up by 0.52 percent when compared to what was recorded in the preceding month.
The bureau said, “The Consumer Price Index, 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 was observed that increases were recorded in all Classification of Individual Consumption by Purpose divisions that yielded the headline index.
On a month-on-month basis, the headline index increased by 1.54 percent in October 2020, representing 0.06 percent rate higher than the rate recorded in September 2020 (1.48 percent).
The percentage change in the average composite CPI for the 12 months period ending October 2020 over the average of the CPI for the previous 12 months period was 12.66 percent.
This showed a 0.22 percent point rise from 12.44 percent recorded in September 2020.
The urban inflation rate increased by 14.81 percent (year-on-year) in October 2020 from 14.31 percent recorded in September 2020.
The rural inflation rate, on the other hand, increased by 13.68 percent in October 2020 from 13.14 percent in September 2020.
On a month-on-month basis, the urban index rose by 1.6 percent in October 2020, up by 0.04 from 1.56 percent recorded in September 2020.
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).
The corresponding 12-month year-on-year average percentage change for the urban index was 13.29 percent in October 2020.
This was higher than 13.07 percent reported in September 2020, while the corresponding rural inflation rate in October 2020 was 12.09 percent compared to 11.86 percent recorded in September 2020.
