Nigeria’s inflation rate jumped to 14.23% (year-on-year) in October 2020 as against 13.71% recorded in September 2020, latest figures from the National Bureau of Statistics (NBC) have shown.
The inflation rate rose by 0.52 percentage points which is the highest recorded since July 2016 when the inflation rate increased by 0.65 percentage points.
Inflation measures the rate at which the prices of goods and services increase over a period of time.
On a month-on-month basis, the Headline index increased by 1.54% in October 2020, this is 0.06% rate higher than the rate recorded in September 2020 (1.48%).
The composite food index rose by 17.38% in October 2020 compared to 16.66% recorded in September 2020.
Core inflation, which excludes the prices of volatile agricultural produce stood at 11.14% in October 2020, up by 0.56% when compared with 10.58% recorded in September 2020.
This bureau sad the rise in the food index was caused by increases in prices of bread and cereals, potatoes, yam and other tubers, meat, fish, fruits, vegetable, alcoholic and food beverages and oils and fats.