BY LEVI JOHNSON
The National Bureau of Statistics, NBS has on Monday in the data released shows that there Nigeria’s inflation increased again in October 2020 moving up by 0.52 per cent (14.23%).
This inflation in the past months focused on a hike in food prices and other individual consumers across the country.
The released data further shows the increased rate of inflation in Nigeria to 14.23 per cent in October 2020.
NBS said: “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).”
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.
The 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).
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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.
