Nigeria’s headline inflation rose to 14.23% in October 2020, the highest in over two years, according to latest data from the National Bureau of Statistics (NBS).
Inflation is also referred to as the Consumer Price Index (CPI), and measures how much commodity prices have risen over a period of time. Food inflation rose to 17.38%, while core inflation rose to 11.14% in the period under review.
According to the NBS, Nigeria’s latest inflation percentage was caused by increases in prices of bread and cereals, potatoes, yam and other tubers, meat, fish, fruits, vegetable, alcoholic and food beverages and oils and fats. The increase in the price of petrol and electricity also contributed to galloping inflation in the period under review.
Inflation rose by 0.40 percentage points between July and August 2020 on a year-on-year basis to 13.22% and increased to 13.71% in September, amid the coronavirus pandemic and the attendant shutdowns of businesses and government agencies. Import dependent Nigeria has also suffered from a weakened currency and the low price of crude oil in the international market.