Nigeria Records 13.7% Inflation Rate, Highest In Over 2 Years

Inflation Rate increase - Nigeria Records 13.7% Inflation Rate, Highest In Over 2 Years

The inflation rate in Nigeria has hit 13.7% –  the highest level in about thirty months since the country recorded a 13.34 percent rate in March 2018.

This was disclosed by the National Bureau of Statistics (NBS) in its Consumer Price Index report for September which was released on Thursday, 15th October.

The report partly reads, “The consumer price index which measures inflation increased by 13.71 per cent (year-on-year) in September 2020.

“This is 0.49 per cent points higher than the rate recorded in August 2020 (13.22) per cent.”

The consumer price index, (CPI) which measures inflation increased by 13.71 percent (year-on-year) in
September 2020. This is 0.49 percent points higher than the rate recorded in August 2020 (13.22) percent.

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 percent in September 2020. This is 0.14
percent rate higher than the rate recorded in August 2020 (1.34) percent

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 twelve months period was 12.44 percent, showing 0.21
percent point from 12.23 percent recorded in August 2020.

The urban inflation rate increased by 14.31 percent (year-on-year) in September 2020 from 13.83 percent
recorded in August 2020, while the rural inflation rate increased by 13.14 percent in September 2020
from 12.65 percent in August 2020.

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

The corresponding twelve-month year-on-year average percentage change for the urban index is 13.07
percent in September 2020. This is higher than 12.85 percent reported in August 2020, while the
corresponding rural inflation rate in September 2020 is 11.86 percent compared to 11.66 percent
recorded in August 2020

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