Inflation rate in Nigeria reached 13.7% – the highest level in the last 30 months.

Posted by on Oct 15, 2020, Under: News

Inflation rate in Nigeria reached 13.7% – the highest level in the last 30 months.

Inflation in Nigeria, the world’s most populous black nation, is reported to have risen again.

Inflation surged to 13.7% in September, peaking from 13.34% in March 2018, The PUNCH reported.

The National Statistical Office said this on Thursday in its September CPI report.

Part of the report says: “The CPI, which measures inflation, increased 13.71% (year on year) in September 2020.

“This is 0.49 percentage points higher than the August 2020 figure (13.22 percent).”

There was an increase in all COICOP divisions that made up the main index.

On a monthly basis, the leading index rose 1.48% in September 2020.

This is 0.14 percent higher than August 2020 (1.34 percent).

The percentage change in the average composite CPI for the twelve months ended September 2020 compared to the average CPI for the previous 12 months was 12.44%, up 0.21% from 12.23%. registered in August 2020.

Urban inflation increased 14.31% (year on year) in September 2020 from 13.83% recorded in August 2020, while rural inflation increased 13.14% in September 2020 from 12.65% in August 2020.

On a monthly basis, the Urban Index increased 1.56% in September 2020, up 0.14 from the 1.42% recorded in August 2020, while the Rural Index also increased 1.4% in September 2020. , which is 0.13 more than in August 2020 (1.27 percent).

The corresponding 12-month average urban index change was 13.07% in September 2020.

This was higher than the 12.85% recorded in August 2020, while the corresponding rural inflation rate in September 2020 was 11.86%, up from 11.66% recorded in August 2020.


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