Inflation hits 13.71% in September, highest in almost 3years

Again, Nigeria’s inflation rate for September 2020, has increased to 13.71 per cent, 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 rate recorded so far in almost three years.

National Bureau of Statistics (NBS) in its latest Consumer Price Index (CPI) report, released on Thursday stated that 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 latest inflation rate of 13.71 per cent, represents an increase of 0.49 per cent when compared to the 13.22 per cent recorded in August this year.

The NBS report indicated that the composite food index rose by 16.66 per cent in September 2020 compared to 16 per cent in declared in the previous month.

The rise, which was attributed to the increase 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 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.