Nigeria has recorded 13.71 per cent inflation rate, the highest since March 2018.
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The inflation rate rose to 13.71 percent in September 2020, 0.49 per cent points higher than in August, which stood at 13.22 percent, according to the National Bureau of Statistics (NBS).
The NBS in its CPI/Inflation report for September, also revealed that the headline index increased by 1.48 percent for the month, which is 0.14 percent higher than the rate recorded in August.
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Food inflation stood at 16.66 percent in September 2020, from 16.00 percent in August.
Core Inflation stood at 10.58 percent in September 2020, an increase from 10.52 percent in August.
This was said to have been caused by increase in prices of bread and cereals, potatoes, yam, meat, fish, fruits and oils and fats.
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“On a month-on-month basis, the Headline index increased by 1.48 percent in September 2020. This is 0.14 percent rate higher than the rate recorded in August 2020 (1.34) percent.
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“The urban inflation rate increased by 14.31 percent (year-on-year) in September 2020 from 13.83 percent recorded in August 2020, while the rural inflation rate increased by 13.14 percent in September 2020 from 12.65 percent in August 2020,” the report read.
