Nigeria’s inflation rate rose by 14.23% (year-on-year) in October 2020 as against 13.71% recorded in September 2020.
This was contained in the Consumer Price Index (CPI), a computation which measures the average prices of goods and services consumed by people over time, released by the National Bureau of Statistics (NBS) on Monday.
The index also increased by 1.54 per cent month-on-month compared with 1.48 per cent rise recorded in September.
The composite food index rose by 17.38% in October 2020 compared to 16.66% recorded in September 2020.
The ”All items less farm produce” or Core inflation, which excludes the prices of volatile agricultural produce stood at 11.14% in October 2020, up by 0.56% when compared with 10.58% recorded in September 2020.
Research shows that the rise in the food index was caused by increases recorded in prices of Bread and cereals, Potatoes, Yam and other tubers, Meat, Fish, Fruits, Vegetable, alcoholic and food beverages and Oils and Fats.
The rise in food inflation evidently proves Nigerian households have continued to spend an increasing percentage of their incomes on food.