Tuesday, October 20, 2020

Nigeria’s September inflation rate hits 13.71%, the highest in 30 months

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Nigeria’s inflation rose to 13.71 per cent in September, hitting its highest level since its 13.34 per cent rate of March 2018.

The National Bureau of Statistics disclosed this in its Consumer Price Index report for September as 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 per cent in September 2020 which is 0.14 per cent rate higher than the rate recorded in August 2020 (1.34) per cent.

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 12 months period was 12.44 per cent, showing 0.21 per cent point from 12.23 per cent recorded in August 2020.

The urban inflation rate 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.