Nigeria’s Inflation Hits 13.71% In September…… Highest In 30 Months

Nigeria’s inflation rate rose to 13.71%  year-on-year in September 2020, hitting its hghets level in 30 months.

This is 0.49 percent points higher than the rate recorded in August 2020(13.22) percent.

The latest rise was contained in the Consumer Price Index(CPI) report released by the National Bureau of Statistics on Thursday.

According to the NBS, on a month-on-month basis, the headline index increased by 1.48 per cent in September 2020.

“This is 0.14 percent rate higher than the rate recorded in August 2020 (1.34) percent”.

The composite food index rose by 16.66% in September 2020 compared to 16% in August 2020 while the “All items less farm produce” or core inflation, which excludes the prices of volatile agricultural produce stood at 10.58% September 2020.