Nigeria’s inflation rate increased to 14.23 percent in October this year compared to 13.71 percent in September, according to the National Bureau Statistics (NBS).
The NBS said in its monthly review of the consumer price index, that the increase was 0.52 percent points higher than the rate recorded in September 2020 of 13.71 percent.
It explained that food inflation increased by 17.38 percent as against 16.66 percent in September, while core inflation also increased to 11.14 percent from 10.58 percent in September.
According to the report, urban inflation rose to 14.81 percent year-on-year from the 14.31 percent recorded last month, while rural inflation hit 13.68 percent.
It noted 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 percent in October 2020, representing 0.06 percent rate higher than the rate recorded in September 2020 of 1.48 percent.
The report also said that 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.
GIK/APA