Nigeria’s Inflation Rate Increases To 13.71%

SAN FRANCISCO, October 15, (THEWILL) – The Nigerian inflation rate has risen to 13.71% (year-on-year) in September 2020 indicating 0.49% point higher than 13.22% recorded in August 2020.

This was revealed in the Consumer Price Index (CPI) report, released by the National Bureau of Statistics (NBS).

It said the composite food index rose by 16.66% in September 2020 compared to 16% in August 2020.

Also, the “All items less farm produce” or Core inflation, which excludes the prices of volatile agricultural produce stood at 10.58% in September 2020.

The report said highest increases were recorded in prices of Passenger transport by air, Medical services, Hospital Services, and Pharmaceutical products

Other areas are Passenger transport by road, Motor cars, Vehicle spare parts, Maintenance and repair of personal transport equipment, Repair of furniture and Paramedical services.