Economy: Nigeria’s inflation rises to 14.23% in October 2020

Economy: Nigeria’s inflation rises to 14.23% in October 2020

- Nigeria's economy has been hit again with inflation rising to 14.23% in the month of October

- A report by the NBS shows that the inflation rate is 0.52% points higher than the rate recorded in the previous month, September 2020

- Also, the composite food index rose by 17.38% in October 2020 as against the 16.66% recorded in September 2020

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Nigeria’s inflation rate has jumped to 14.23% (year-on-year) in October 2020 from 13.71% recorded in September 2020.

This was contained in the consumer price index report released by the National Bureau of Statistics (NBS) on Monday, November 16. notes that the report which was published on the website of the NBS shows that the new inflation rate is 0.52% points higher than the rate recorded in September 2020.

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Nigeria’s economy: Inflation rises to 14.23% in October 2020
Nigeria’s inflation rises to 14.23% in October 2020. Photo source:
Source: UGC

The figure rose by 1.54% between September and October, indicating a 0.06% rate higher than the rate of rise between September and August (1.48%).

Also in the report, the composite food index rose by 17.38% in October 2020 compared to 16.66% in September 2020.

The rise in the food index was caused by increases in prices of bread and cereals, potatoes, yam, and other tubers, meat, fish, fruits, vegetables, alcoholic and food beverages, and oils and fats.

The report stated:

“The ”All items less farm produce” or Core inflation, which excludes the prices of volatile agricultural produce stood at 11.14 percent in October 2020, up by 0.56 percent when compared with 10.58 percent recorded in September 2020."
“The highest increases were recorded in prices of Passenger transport by air, Hospital and Medical Services, Passenger transport by road, Pharm*ceutical products, Motor cars, Vehicle spare parts, Maintenance and repair of personal transport equipment, Hairdressing salons and personal grooming establishments, Miscellaneous services relating to the dwelling, Paramedical services, and shoes and other footwear.”

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Earlier, reported that President Muhammadu Buhari on Thursday, October 8, disclosed that the Nigerian economy was facing some challenges.

The Nigerian president told members of the National Assembly that the nation's economy could slide into another recession in the third quarter of 2020.

Buhari made the disclosure during his 2021 budget presentation at the National Assembly.

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In another report, Governor Yahaya Bello of Kogi has expressed displeasure with the news that his administration imposed a tax on individual loaves of bread to be paid by bakeries and bread sellers in the state.

The governor denied the report making the rounds through his deputy, Chief Edward Onoja, who released a statement on the issue on Saturday, November 14.

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