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 (NBS) 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 previous month.
“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),” NBS said.
Inflation measures the rate at which the prices of goods and services increase over a period of time.
The October CPI/Inflation report showed that food inflation hit 17.38 percent from 16.66 percent in September.
NBS said the rise in the food index was caused by increases in prices of bread and cereals, potatoes, yam and other tubers, meat, fish, fruits, vegetable, alcoholic and food beverages and oils and fats.
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.