NIGERIA’S INFLATION HITS 14.23 PERCENT AS FOOD PRICES INCREASES

NIGERIA’S INFLATION HITS 14.23 PERCENT AS FOOD PRICES INCREASES

The National Bureau of Statistics on Monday November 16, released a data which revealed that Nigeria’s inflation rose to 14.23 percent, 0.52 percent higher than the 13.71 percent recorded in September. 

According to the data, the core food index rose by 17.38 percent majorly driven by increases in food items. Core inflation also maintained a steady rise to 11.14 percent, from the 10.58 percent reported in August this year. The bureau said; 

“The Consumer Price Index, which measures inflation increased by 14.23 per cent (year-on-year) in October 2020.

“This is 0.52 per cent points higher than the rate recorded in September 2020 (13.71 per cent).”

Urban inflation rose to 14.81 percent year-on-year from the 14.31 percent recorded last month, while rural inflation hit 13.68 percent.

Inflation was highest in Zamfara, Sokoto and Ebonyi, while Lagos, Abuja, and Cross River recorded the lowest in October.

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