Food price hike, others push inflation to 14.23% —NBS

The hike in food prices and other individual consumption across the country further increased the rate of inflation in Nigeria to 14 .23 per cent in October 2020 .

Figures released by the National Bureau of Statistics on Monday showed that the country ’s inflation increased again in October, moving up by 0 .52 per cent when compared to what was recorded in the preceding month.

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 .

Rural inflation rate on the other hand , increased by 13 .68 per cent in October 2020 from 13 . 14 per cent in September 2020.

On a month- on- month basis , the urban index rose by 1 .6 per cent in October 2020 , up by 0. 04 from 1 .56 per cent recorded in September 2020.

The rural index also rose by 1 .48 per cent in October 2020, up by 0 .08 from the rate recorded in September 2020 ( 1 .40 per cent) .

The corresponding 12 -month year -on -year average percentage change for the urban index was 13 .29 per cent in October 2020 .

This was higher than 13 .07 per cent reported in September 2020 , while the corresponding rural inflation rate in October 2020 was 12 .09 per cent compared to 11 .86 per cent recorded in September 2020 .

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