The National Bureau of Statistics (NBS) has reported the highest inflation rate of 13.71% for Nigeria in the last two and half years.
The headline inflation had last peaked at 13.34% in March 2018.
The NBS, in its latest report released on Thursday, said the consumer price index which measures inflation increased by 13.71 percent year-on-year in
September 2020.
This represents an increase of 0.49 percent over the rate recorded in August 2020-13.22 percent.
According to the September CPI/Inflation report released by the National Bureau of Statistics (NBS), the headline index increased by 1.48 percent in September 2020 on a month-on-month basis.
This is 0.14 percent rate higher than 1.34 percent recorded in August 2020.
Food inflation, according to the NBS report, contributed to the overall headline inflation increase.
It stated that food inflation rose from 16.00 percent in August 2020 to 16.66 percent in September 2020.
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.
“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.”
InsideBusiness recalls that Nigeria had in June 2020 recorded inflation rate of 12.56%, 12.82% in July and 13.22% in August.
Spiraling food prices accounted for the increase in the inflation rate.
In August 2020, the rural inflation rate increased from 12.28 per cent in July to 12.65 per cent in August.
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