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Nigeria’s inflation skyrockets, tops 14%

Nigeria’s inflation rose to 14.23 percent in October, the highest in four years, propelled by soaring food prices.Data released by the National Bureau of Statistics (NBS) on Monday showed that food prices rose by 17.38 percent in October.According to the NBS report, headline Inflation was 14.23% in Oct 2020 from 13.71% in Sept 2020. Food inflation at 17.38% in Oct 2020 from 16.66% in Sept 2020. Core Inflation at 11.14% in Oct 2020 from 10.58% in Sept 2020.

On month on month basis, headline Inflation was 1.54% in Oct 2020 from 1.48% in Sept 2020. Food inflation at 1.96% in Oct 2020 from 1.88% in Sept 2020. Core Inflation at 1.25% in Oct 2020 from 0.94% in Sept 2020.On the price of food, the report showed that increases were more in the price of fat & oil, fish, potatoes, yams and other tubers, fruits, meat, vegetables, bread and cereals, alcoholic and food beverages.

Written by ExpressDay


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