Nigeria’s inflation rate has risen to a 30-month high, rising further to 14.23 per cent in October, according to the latest figures from the National Bureau of Statistics (NBS).
The report published on the Office’s website indicates that the current inflation rate is 0.52 per cent higher than the rate reported in September 2020 (13.71 per cent).
The figure increased by 1.54 per cent between September and October, suggesting a rate of 0.06 per cent higher than the rate of increase between September and August (1.48 per cent).
Nigeria’s inflation has been on the increase since the country closed its land borders. The situation has escalated with the advent of the coronavirus that has affected the global economy.
The economy has yet to recover from the coronavirus impact and the decline in oil prices. In the report, the composite food index rose by 17.38% in October 2020 compared to 16.66% in September 2020.
This 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 ”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,” it said.
“The highest increases were recorded in prices of Passenger transport by air, Hospital and Medical Services, Passenger transport by road, Pharmaceutical 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.”
Inflation in states In October, all-item inflation was the highest in Sokoto, Edo, and Akwa Ibom while Oyo, Taraba, and Jigawa river recorded the slowest rise in headline Year on Year inflation. For food inflation, Kwara, Edo, and Sokoto recorded the highest while Oyo, Jigawa, and Taraba recorded the slowest rise on a month on month inflation.