FRESH: Nigeria Inflation Rate Increases by 13.71% In September 2020––The current inflation rate according to the consumer price index (CPI) has climber 0.49% higher than the 13.22% rate recorded in August to become 13.71%.
This was disclosed on Thursday by the National Bureau of Statistics (NBS) on its “CPI and Inflation Report September 2020.”
According to the report, increases were recorded in all Classification of Individual Consumption by Purpose (COICOP) divisions that yielded the Headline index.
CPI and Inflation Report reads in part:
“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.
“The corresponding twelve-month year-on-year average percentage change for the urban index is 13.07 percent in September 2020. This is higher than 12.85 percent reported in August 2020, while the corresponding rural inflation rate in September 2020 is 11.86 percent compared to 11.66 percent recorded in August 2020.
“On a month-on-month basis, the Headline index increased by 1.48 percent in September 2020. This is 0.14 percent rate higher than the rate recorded in August 2020 (1.34) percent.
Increases were recorded in all COICOP divisions that yielded the Headline index.
“The consumer price index, (CPI) which measures inflation increased by 13.71 percent (year-on-year) in September 2020. This is 0.49 percent points higher than the rate recorded in August 2020 (13.22) percent.”
