Nigeria’s Inflation Rate In An All Time High In 30 Months, Hits 13.7%

Nigeria’s inflation rose to 13.7 percent in September, hitting its highest level since its 13.34 percent rate of March 2018.

The National Bureau of Statistics disclosed this in its Consumer Price Index report for September on Thursday.

Part of the report read, “The consumer price index 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.”

See Three Reasons For Inflation In Nigeria – FG

Increases were recorded in all COICOP divisions that yielded the headline index.

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.

The percentage change in the average composite CPI for the twelve months period ending September 2020 over the average of the CPI for the previous 12 months period was 12.44 percent, showing 0.21 percent point from 12.23 percent recorded in August 2020.

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.

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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 corresponding 12-month year-on-year average percentage change for the urban index is 13.07 percent in September 2020.

This was 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.