Nigeria’s inflation rate rose by 14.23% (year-on-year) in October 2020 as against 13.71% recorded in September 2020.
This was contained in the consumer price index report, recently released by the National Bureau of Statistics (NBS).
The index also increased by 1.54 per cent month-on-month compared with 1.48 per cent rise recorded in September.
The 14.23 per cent year-on-year rise in composite inflation is 0.23 percentage point above the upper band of the Central Bank of Nigeria (CBN)’s prediction for the end of the year.
The composite food index rose by 17.38% in October 2020 compared to 16.66% recorded in September 2020.
The major drivers of food inflation were increases recorded in the prices of Bread and cereals, Potatoes, Yam and other tubers, Meat, Fish, Fruits, Vegetable, alcoholic and food beverages and Oils and Fats.
Core inflation stood at 11.14% in October 2020, up by 0.56% when compared with 10.58% recorded in September 2020.