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JUST IN: Nigeria’s Inflation Rate Rises To 13.71% In September – NBS

Nigeria’s headline Inflation has risen to 13.71% (year-on-year) in September 2020 from 13.22% in August 2020. This is 0.49 percent points higher than the rate recorded in August 2020.

The National Bureau of Statistics (NBS) made the disclosure in its Consumer Price Index (CPI) for September 2020 released Thursday morning.

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

The bureau said food inflation rose to 16.66% (year-on-year) in September 2020 from 16.00% (year-on-year) in August 2020. Core Inflation jumped to 10.58% (year-on-year) in September 2020 from 10.52% (year-on-year) in August 2020.

On a month-on-month basis, headline Inflation rose to 1.48% in September 2020 from 1.34% in August 2020. Food inflation was at 1.88% in September 2020 from 1.67% in August 2020. Core Inflation declined to 0.94% in September 2020 from 1.05% 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.

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

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