Again, Nigeria's inflation rate worsens to 13.71% in September .Highest inflation rate in 3years

Nigeria’s inflation rate has again increased to 13.71 per cent in September due to an increase in both food- prices and the price of petrol.

The 13.71 per cent inflation recorded in September is the highest increase so far recorded in almost three years.

The last time Nigeria’s inflation rate was as high as 13.71 per cent was in February 2018 when the index rose by 14.33 per cent

The 13.71 per cent is also an increase of 0.49 per cent when compared to the 13.22 per cent recorded in August this year.

The National Bureau of Statistics said these in the latest Consumer Price Index report released on Thursday.

The NBS report stated that the composite food index rose by 16.66 per cent in September 2020 compared to 16 per cent in August 2020. The rise was attributed to increases in the prices of bread and cereals, potatoes, yam and other tubers, meat, fish, fruits and oils and fats.

On a monthly comparison, the food sub-index rose by 1.88 per cent in September 2020, representing an increase of 0.21 per cent from the 1.67 per cent recorded in August 2020.

The average annual rate of change of the Food sub-index for the twelve-month period ending September 2020 was 15.13 per cent.

This, according to the NBS is 0.26 per cent up from the 14.87 per cent average annual rate of change recorded in August this year.

NBS added that the urban inflation rate rose by 14.31 per cent in September this year from the 13.83 per cent recorded in August.

Also, the rural inflation rate increased by 13.14 per cent in September from 12.65 per cent in August.