Nigeria Records 14.23% Inflation Rate For October 2020

Nigeria’s inflation rate has increased to 14.23% (year-on-year) in October 2020 from 13.71% recorded in September 2020.

Nigeria’s National Bureau of Statistics announced a rise in its most recent the consumer price index report, released on Monday 16, 2020.

On a month-on-month basis, the Headline Index increased by 1.54% in October 2020, this is 0.06% rate higher than the rate recorded in September 2020 (1.48%).

The Composite Food Index, a closely watched index is now 17.38% in October 2020 compared to 16.66% recorded in September 2020.

The category “All items less farm produce” or Core inflation, which excludes the prices of volatile agricultural produce stood at 11.14% in October 2020, up by 0.56% when compared with 10.58% recorded in September 2020.

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Meanwhile, the rise in the food index was caused by increases recorded in prices of Bread and cereals, potatoes, yam and other tubers, meat, fish, fruits, vegetable, alcoholic and food beverages and Oils and Fats.

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