The latest figures released by the National Bureau of Statistics on Monday shows that Nigeria's inflation rate has risen to 14.23 percent in the month Of October 2020, occasioned by the continuous hike in food prices and other individual consumables across the country. The figures, showed inflation moving up by 0.52 percent when compared to what was recorded in the preceding month. The bureau said, "The Consumer Price index, which measures inflation increased by 14.23 percent (year-on year) in October 2020. "This is 0.52 percent points higher than the rate recorded in September 2020 (13.71 percent)." It was observed that increases were recorded in all classification in Individual Consumption by Purpose divisions that yielded the headline index.
On a month-on-month basis, the headline index rose by 1.54 percent in October 2020, representing 0.06 percent rate higher than the rate recorded in September 2020 (1.48 percent).
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 percent.
This demonstrated a 0.22 percent point rise from 12.44 percent recorded in September 2020.
The urban inflation rate spiked by 14.81 percent (year-on-year) in October 2020 from 14.31 percent recorded in September 2020.
On the other hand, the Rural inflation rate, increased by 13.68 percent in October 2020 from 13.14 percent in September 2020.
The country's inflation has been on the rise since the country shut its land borders. The situation became worse with the emergency of the coronavirus which affected the global economy accompanied by the plunge in crude oil prices.