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Inflation hits new record of 14.23 percent in October, highest in 32 months

By Isah Abdul-Azeez


NIGERIA’s inflation rate for October 2020 hits a new record of 14.23 percent since its steady increase in 32 months, data from the National Bureau of Statistics (NBS) revealed on Monday.

The Consumer Price Index (CPI) data released by the NBS measures the average change over time in the prices of goods and services consumed by people for day-to-day living.

The new inflation rate is about 0.52 percent points higher than the rate recorded in September 2020 (13.71) percent.

In September, inflation had hit an all-time high of 13.71 percent for 31 months, according to the previous CPI report by NBS.

In the latest report, the urban inflation rate increased by 14.81 percent (year-on-year) in October 2020 from 14.31 percent recorded in September 2020, while the rural inflation rate increased by 13.68 percent in October 2020 from 13.14 percent in September 2020.

The urban inflation rate increased by 14.81 percent in October 2020 from 14.31 percent recorded in September 2020, while the rural inflation rate increased by 13.68 percent in October 2020 when compared to the 13.14 percent rate in September 2020.

On a month-on-month basis, the urban index rose by 1.60 percent in October 2020, up by 0.04 from 1.56 percent recorded in September 2020, while the rural index also rose by 1.48 percent in October 2020, up by 0.08 from the rate recorded in September 2020 (1.40 percent)

Food inflation

The composite food index rose by 17.38 percent in October 2020 compared to 16.66 percent in September 2020.

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This rise in the food index was caused by increases in prices of Bread and cereals, Potatoes, yam, and other tubers, Meat, Fish, Fruits, vegetables, alcoholic and food beverages, and Oils and Fats.

On a month-on-month basis, the food sub-index increased by 1.96 percent in October 2020, up by 0.08 percent points from 1.88 percent recorded in September 2020.

Core inflation

The Core inflation or ”All items less farm produce”, which excludes the prices of volatile agricultural produce stood at 11.14 percent in October 2020, up by 0.56 percent when compared with 10.58 percent recorded in September 2020.

On a month-on-month basis, the core sub-index increased by 1.25 percent in October 2020. This was up by 0.31 percent when compared with 0.94 percent recorded in September 2020.

The highest increases were recorded in prices of passenger transport by air, hospital and medical services, passenger transport by road, pharmaceutical products, motor cars, vehicle spare parts, maintenance and repair of personal transport equipment. Others are hairdressing salons and personal grooming establishments, miscellaneous services relating to the dwelling, paramedical services and shoes and other footwear.

State profiles for food inflation

In October 2020, food inflation on a year on year basis was highest in Edo (21.65 percent), Zamfara-20.88 percent and Kogi-20.5 percent, while Lagos-14.57 percent, Ogun-14.47 percent, and Ondo 14.23-percent recorded the slowest rise.

On a month-on-month basis, October 2020 food inflation was highest in Kwara-3.88 percent, Edo-3.81 percent and Sokoto-3.65 percent, while Oyo-0.57 percent and Jigawa-0.54 percent and Taraba-0.29 percent recorded the slowest rise on month-on-month inflation.

 

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