Advertisement

Food price hike, others push inflation to 14.23% —NBS

Must read

Nigeria Immigration Service issues fresh directives to shortlisted candidates

The Nigeria Immigration Service, (NIS) on Friday, advised all shortlisted candidates for the CDCFIB Computer-Based Aptitude Test to start checking their email...

Maryam Sanda approaches Supreme Court to overturn death sentence

Maryam Sanda, the woman sentenced to death for killing her husband, has decided to approach the Supreme Court, in a bid to...

U.S. House passes bill to legalise marijuana

The U.S. House of Representatives on Friday passed a bill that seeks to decriminalise the use of marijuana at the federal level....

It’s too early to talk about 2023 presidency, Jonathan says as he reacts to rumoured ambition

Former President Goodluck Jonathan seems to be undecided yet about returning to office in 2023 when President Muhammadu Buhari completes his second...

The hike in food prices and other individual consumption across the country further increased the rate of inflation in Nigeria to 14.23 per cent in October 2020.

Figures released by the National Bureau of Statistics on Monday showed that the country’s inflation increased again in October, moving up by 0.52 per cent when compared to what was recorded in the preceding month.

The bureau 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.

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).

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.

- Advertisement -

More articles

LEAVE A REPLY

Please enter your comment!
Please enter your name here

- Advertisement -

Latest article

Nigeria Immigration Service issues fresh directives to shortlisted candidates

The Nigeria Immigration Service, (NIS) on Friday, advised all shortlisted candidates for the CDCFIB Computer-Based Aptitude Test to start checking their email...

Maryam Sanda approaches Supreme Court to overturn death sentence

Maryam Sanda, the woman sentenced to death for killing her husband, has decided to approach the Supreme Court, in a bid to...

U.S. House passes bill to legalise marijuana

The U.S. House of Representatives on Friday passed a bill that seeks to decriminalise the use of marijuana at the federal level....

It’s too early to talk about 2023 presidency, Jonathan says as he reacts to rumoured ambition

Former President Goodluck Jonathan seems to be undecided yet about returning to office in 2023 when President Muhammadu Buhari completes his second...

Restriction Of Movement In Plateau South Senatorial District

Ahead of the Plateau South Senatorial District by-election scheduled for Saturday 5th December 2020, the Plateau State Government has announced the restriction...