The Inflation rate in Nigeria has risen continously for the 13th month straight by the end of September 2020, and it has been attributed to the rise in the prices of goods and services in the country.
According to the report released by the National Bureau of Statistics, the Consumer Price Index (CPI) increased by 13.71 percent year on year in September 2020 compared to 13.22 per cent in the preceding month.
According to the CPI report for September, which was released Thursday by the statistical agency, the 0.49 percentage increase occurred in all the divisions that determine the headline index.
The composite food index rose by 16.66 per cent in September compared to 16 per cent in August.
All items less farm produce or Core inflation, which excludes the prices of volatile agricultural produce stood at 10.58 per cent in September, up by 0.06 per cent when compared with 10.52 per cent recorded in August.
This rise in the food index resulted from increases in prices of bread and cereals, potatoes, yam and other tubers, meat, fish, fruits and oils and fats as the sub-index increased by 1.88 per cent in the review period, up by 0.21 percentage points from 1.67 per cent in August.
On a month-on-month basis, the core sub-index increased by 0.94 percent in September 2020. This was down by 0.11 percent when compared with 1.05 percent recorded in August 2020.
On the other hand, core inflation was fueled by the highest increases in prices of passenger transport by air, medical services, hospital services, pharmaceutical products, passenger transport by road, motor cars, vehicle spare parts,
maintenance and repair of personal transport equipment, repair of furniture and paramedical services.
