Nigeria’s inflation rate hits 13.71%

Nigeria’s inflation rate rose to 13.71 percent as of September, the consumer price index (CPI) released by the National Bureau of Statistics (NBS) on Thursday showed.

The CPI measures the average change over time in the prices of goods and services consumed by people.

The figure is 0.49 percent points higher than the 13.22 percent year-on-year recorded in August.

On a month-on-month basis, the headline inflation increased by 1.48 percent in September, which was a 0.14 percent rate higher than the figure of the August rate (1.34 percent).

In its summary note, NBS said: “On a month-on-month basis, the urban index rose by 1.56 percent in September 2020, up by 0.14 from 1.42 percent recorded in August 2020, while the rural index also rose by 1.40 percent in September 2020, up by 0.13 from the rate recorded in August 2020 (1.27 percent).

“The urban inflation rate increased by 14.31 percent (year-on-year) in September 2020 from 13.83 percent recorded in August 2020, while the rural inflation rate increased by 13.14 percent in September 2020 from 12.65 percent in August 2020.”

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