Nigeria’s inflation rate rose by 14.23% in October as against 13.71% recorded in September 2020—NBS

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By Mukwuzi Joseph

Nigeria’s inflation rate rose by 14.23% (year-on-year) in October 2020 as against 13.71% recorded in September 2020. This was contained in the consumer price index report, released by the National Bureau of Statistics (NBS).

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).”

It was observed that increases were recorded in all Classification of Individual Consumption by Purpose divisions that yielded the headline index.

On a month-on-month basis, the headline index increased by 1.54 per cent in October 2020, representing 0.06 per cent rate higher than the rate recorded in September 2020 (1.48 per cent).

The percentage change in the average composite CPI for the 12 months period ending October 2020 over the average of the CPI for the previous 12 months period was 12.66 per cent.

This showed a 0.22 per cent point rise from 12.44 per cent recorded in September 2020.

The urban inflation rate increased by 14.81 per cent (year-on-year) in October 2020 from 14.31 per cent recorded in September 2020.

The percentage change in the average composite CPI for the 12 months period ending October 2020 over the average of the CPI for the previous 12 months period was 12.66 per cent.

This showed a 0.22 per cent point rise from 12.44 per cent recorded in September 2020.

The urban inflation rate increased by 14.81 per cent (year-on-year) in October 2020 from 14.31 per cent recorded in September 2020.




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