BREAKING: Nigeria’s inflation rate hits 13.71%

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The Nigerian inflation rate rose to 13.71% year-on-year in September 2020, hitting its highest level since its 13.34 per cent rate of March 2018.

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

According to the NBS, on a month-on-month basis, the headline index increased by 1.48 per cent in September 2020.

This is 0.14 per cent rate higher than the rate recorded in August 2020 (1.34) per cent.

The composite food index rose by 16.66% in September 2020 compared to 16% in August 2020 while the “All items less farm produce” or core inflation, which excludes the prices of volatile agricultural produce stood at 10.58% September 2020.




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