Nigeria’s inflation rate hits 13.71% as food prices soar

Nigeria’s inflation rate has continued its 30-month surge, with the consumer price index, (CPI) which measures inflation increase by 13.71 percent (year-on-year) in September 2020.

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

A report released by the National Bureau of Statics (NBS) on Thursday, states that increases were recorded in all COICOP divisions that yielded the Headline index.

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 percentage change in the average composite CPI for the twelve months period ending September 2020 over the average of the CPI for the previous twelve months period was 12.44 percent, showing 0.21 percent point from 12.23 percent recorded in August 2020.

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 corresponding twelve-month year-on-year average percentage change for the urban index is 13.07 percent in September 2020. This is higher than 12.85 percent reported in August 2020, while the corresponding rural inflation rate in September 2020 is 11.86 percent compared to 11.66 percent recorded in August 2020.

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

This 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 month-on-month basis, the food sub-index increased by 1.88 percent in September 2020, up by 0.21 percent points from 1.67 percent recorded in August 2020.

The average annual rate of change of the Food sub-index for the twelve-month period ending September 2020 over the previous twelve-month average was 15.13 pNigeria’s inflation rate has continued its 30-month surge, rising to 13.71% in September.ercent, 0.26 percent points from the average annual rate of change recorded in August 2020 (14.87 percent). (Channels TV)