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Nigeria’s inflation jumps to 14.2% after food price hike

By New Desk,

The National Bureau of Statistics (NBS), has disclosed that inflation rates in the country rose to an all time high in October, with an increase to 14.2%, which the bureau said, was 0.52% higher than 13.71% inflation recorded in September 2020.

The rise, the bureau said, represents the 14th consecutive monthly rise in Headline inflation since September 2019 when it stood at 11.24 per cent, adding that food inflation rose by 0.72 per cent point in October to 17.38 per cent from 16.66 percent in September.

It added that the consumer price index, (CPI) which measures inflation increased by 14.23 per cent (year-on-year) in October 2020, and that the country recorded 0.52 per cent points higher than the rate recorded in September 2020 (13.71 percent).

Through its Consumer Price Index (CPI) Report for October released on Monday, the NBS said that increases were also recorded in all COICOP divisions that yielded the Headline index.

According to the bureau, the Headline index increased by 1.54 per cent in October 2020 on a month-on-month basis, which meant that it was 0.06 per cent rate higher than the rate recorded in September 2020 (1.48 per cent).

“The urban inflation rate increased by 14.81 percent (year-on-year) in October 2020 from 14.31 per cent recorded in September 2020, while the rural inflation rate increased by 13.68 per cent in October 2020 from 13.14 per cent in September 2020.”

On food inflation, the report stated: ”The composite food index rose by 17.38 percent in October 2020 compared to 16.66 per cent 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, vegetables, alcoholic and food beverages, and oils and fats.

“On a month-on-month basis, the food sub-index increased by 1.96 percent in October 2020, up by 0.08 per cent points from 1.88 per cent recorded in September 2020.”

According to the bureau, in October 2020, food inflation on a year on year basis was highest in Edo (23 per cent), Zamfara (21 per cent) and Kogi (20.6 per cent), while Lagos (15 per cent), Ogun (14.5 per cent) and ondo (14.2 per cent) recorded the slowest rise.”

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