BUSINESS NEWS

Nigeria’s inflation rate hits 14.23%

NEWSMAN, Abuja – Nigeria’s inflation rate rose by 14.23% (year-on-year) in October 2020 as against 13.71% recorded in September 2020.

This was contained in the consumer price index report, recently released by the National Bureau of Statistics.

On a month-on-month basis, the Headline index increased by 1.54% in October 2020, this is 0.06% rate higher than the rate recorded in September 2020 (1.48%).

The composite food index, a closely watched index rose by 17.38% in October 2020 compared to 16.66% recorded in September 2020.

The “All items less farm produce” or Core inflation, which excludes the prices of volatile agricultural produce stood at 11.14% in October 2020, up by 0.56% when compared with 10.58% recorded in September 2020.

Meanwhile, the rise in the food index was caused by increases recorded in prices of Bread and cereals, Potatoes, Yam and other tubers, Meat, Fish, Fruits, Vegetable, alcoholic and food beverages and Oils and Fats.

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