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Nigeria’s inflation rate hits 13.7%, food prices soar

NEWSMAN, Abuja – National Bureau of Statistics (NBS) has disclosed that Nigeria’s inflation rose to 13.7 per cent in September, hitting its highest level since its 13.34 percent rate of March 2018.

A report published on Thursday by the NBS showed that the latest figure rose by 0.49 per cent points from 13.22 per cent in August to 13.71 per cent in September.

“The consumer price index which measures inflation increased by 13.71 per cent (year-on-year) in September 2020. This is 0.49 per cent points higher than the rate recorded in August 2020 (13.22) per cent,” the report read.

NBS said Nigerians paid more for food during the month, as food inflation figures soared by about 4.13 per cent, from 16 per cent in August to over 16.66 per cent in the month under review.

The food sub-index for the month showed a 1.88 per cent growth (1.67 per cent compared to the figure in the previous month), while core-sub index grew by 0.94 per cent (about 1.05 per cent in August).

According to analysts, as Nigerians look forward to the end of the year, food prices are expected to remain high, as the impact of the deadly coronavirus pandemic and lower crude oil prices at the international markets bites harder on the global economy.

The urban inflation rate however, increased by 14.31 per cent (year-on-year) in September 2020 from 13.83 per cent recorded in August 2020, while the rural inflation rate increased by 13.14 per cent in September 2020 from 12.65 percent in August 2020.

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

The corresponding 12-month year-on-year average percentage change for the urban index is 13.07 per cent in September 2020. This was higher than 12.85 per cent reported in August 2020, while the corresponding rural inflation rate in September 2020 is 11.86 per cent compared to 11.66 per cent recorded in August 2020.

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