Nigeria’s inflation rate hits 13.71, highest since march 2016.


With #EndSars protest rocking every part of the country, more unpalatable news has hit the country with the consumer price index which measures inflation increasing by 13.71 percent year-on-year in
September 2020. which translates to is 0.49 percent points higher than the rate recorded in August 2020-13

According to the September  CPI/Inflation report released by the National Bureau of Statistics (NBS), on a month-on-month basis, the Headline index increased by 1.48 percent in September 2020. translating to 0.14
percent rate higher than the rate recorded in August 2020 (1.34) percent.

Food inflation stood at 16.66 percent in Sept 2020 from 16.00 percent in Aug 2020. Core Inflation at 10.58 percent in Sept 2020 from 10.52 percent in Aug 2020.

“On a month-on-month basis, the Headline index increased by 1.48 percent in September 2020. This is 0.14
percent rate higher than the rate recorded in August 2020 (1.34) percent,” the report read.

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

According to the NBS, the 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

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