Nigeria’s Inflation Rate Hits 13.71% As Food Prices Soar

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The Nigerian inflation rate rose to 13.71% (year-on-year) in September 2020 indicating 0.49% point higher than 13.22% recorded in August 2020.

This was contained in the Consumer Price Index (CPI) report, released by the National Bureau of Statistics (NBS).

The composite food index rose by 16.66% in September 2020 compared to 16% in August 2020 while the ”All items less farm produce” or Core inflation, which excludes the prices of volatile agricultural produce stood at 10.58% September 2020.

The highest increases were recorded in prices of Passenger transport by air, Medical services, Hospital services, Pharmaceutical products, Passenger transport by road, Motor cars, Vehicle spare parts, Maintenance and repair of personal transport equipment, Repair of furniture and Paramedical services.

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A discreet, disciplined and purpose driven young man who is passionate about Human capital development, He is a graduate of Economics from Veritas University Abuja and an Associate member of The Nigeria Economic Society NES. Email: gideon_nanpon@yahoo.com

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