Nigeria’s Inflation Rate Increases By 13.71 Percent

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Nigeria’s inflation rate has increased by 13.71 percent (year-on-year) in the latest statistics released by the National Bureau of Statistics (NBS) for September, 2020.

According to a report released on Thursday by the NBS, The inflation rate continued its 30-month surge, with an increase in the consumer price index (CPI).

This is 0.49 percent points higher than the rate recorded in August 2020 (13.22) percent.

The report also showed increases in all COICOP divisions that yielded the Headline index.

READ ALSO: Nigeria’s Inflation Rate Rises In Latest NBS Report

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 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.

On a month-on-month basis, the urban index rose by 1.56 percent in September 2020, up by 0.14 from 1.42 percent recorded in August 2020, while the rural index also rose by 1.40 percent in September 2020, up by 0.13 from the rate recorded in August 2020 (1.27 percent).

The composite food index rose by 16.66 percent in September 2020 compared to 16.00 percent in August
2020.

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