October 22, 2020

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Nigeria’s inflation climbs further, rises above 13.71% in September

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After attaining the highest level in 28 months in September, Nigeria’s headline inflation climbed further, the latest figures by the National Bureau of Statistics (NBS) show.

The report published on Thursday by the Statistician-General of the Federation, Yemi Kale, through his verified Twitter handle, @sgyemikale, showed the latest figure rose by 0.49 per cent points from 13.22 per cent in August to 13.71 per cent in September.

The figure rose by 1.48 per cent, or 1.34 per cent, on month-on-month bases.

The NBS said Nigerians paid more for food during the month, as food inflation figures soared by about 4.13 per cent, from 16 per cent in August to over 16.66 per cent in the month under review.

The food sub-index for the month showed a 1.88 per cent growth (1.67 per cent compared to the figure in the previous month), while core-sub index grew by 0.94 per cent (about 1.05 per cent in August).

By implication, analysts say as Nigerians look forward to the end of the year, food prices are expected to remain high, as the impact of the deadly coronavirus pandemic and lower crude oil prices at the international markets bites harder on the global economy.

Core Inflation was put at about 10.58 per cent in September 2020, from 10.52 per cent in August 2020.

The urban inflation rate, the NBS said, 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 per cent in August 2020.

On a month-on-month basis, the urban index rose by 1.56 per cent in September 2020, up by 0.14 from 1.42 per cent recorded in August 2020, while the rural index also rose by 1.40 per cent in September 2020, up by 0.13 from the rate recorded in August 2020 (1.27 per cent).


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