Business

Nigeria’s inflation hits roof, now 14.23%

Nigeria’s inflation hit roof, now 14.23%

 

Tougher days are starring Nigerians in the face as the National Bureau of Statistics has released a data which shows that the country’s inflation has risen to 14.23 percent, an increase of 0.52 percent to the 13.71 percent recorded in September.

According to the data released on Monday, the core food index rose by 17.38 percent majorly driven by increases in food items. Core inflation also continued on a steady rise to 11.14 percent, from the 10.58 percent reported in August this year.

The bureau said;

“The Consumer Price Index, which measures inflation increased by 14.23 per cent (year-on-year) in October 2020.

“This is 0.52 per cent points higher than the rate recorded in September 2020 (13.71 per cent).”

The data further revealed that urban inflation rose to 14.81 percent year-on-year from the 14.31 percent recorded last month, while rural inflation hit 13.68 percent.

Inflation was highest in Zamfara, Sokoto and Ebonyi, while Lagos, Abuja, and Cross River recorded the lowest in October.

Comment With Facebook

Comment here

This site uses Akismet to reduce spam. Learn how your comment data is processed.