The consumer price index, (CPI) which measures inflation in Nigeria has risen to 14.23 percent, says a report recently published by the the National Bureau’s of Statistics (NBS).
The report shows that the new inflation is 0.52 percent points higher than the rate recorded in September 2020. The rate as at then was 13.71 percent.
The figures also reveals that inflation rose by 1.54 percent between September and October and 1.48 percent between September and August.
In the report, the composite food index rose by 17.38 per cent in October 2020 compared to 16.66 per cent in September 2020.
This rise in the food index was caused by increases in prices of major food items.
“The ”All items less farm produce” or Core inflation, which excludes the prices of volatile agricultural produce stood at 11.14 percent in October 2020, up by 0.56 percent when compared with 10.58 percent recorded in September 2020.
“The highest increases were recorded in prices of Passenger transport by air, Hospital and Medical Services, Passenger transport by road, Pharmaceutical products, Motor cars, Vehicle spare parts, Maintenance and repair of personal transport equipment, Hairdressing salons and personal grooming establishments, Miscellaneous services relating to the dwelling, Paramedical services, and shoes and other footwear,” the report said.
Since Nigeria shut its land borders, inflation has been on the rise. The situation became worse with the outbreak of coronavirus, a deadly respiratory illness which affected the global economy.
The economy is yet to recover from the coronavirus effects and the plunge in crude prices.
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