NIGERIA’S INFLATION HITS 14.2 IN OCTOBER- NBS
Data recently released by the Nigeria Bureau of Statistics says Nigeria’s inflation rose to 14.2 percent in October, the 14th consecutive rise in headline inflation since September 2019.
The report also indicates a 17.38 percent rise in the composite food index in the month of October which was 16.66 percent in September.
States like Edo, Zamfara, and Kogi experienced the highest food inflation on a year on year basis with the cost of food getting as high as 21.65%, 20.88%, and 20.58% increase respectively while Lagos, Ogun, and Ondo recorded the lowest rise in headline inflation with food prices increasing by 14.57%, 14.47%, and 14.23% respectively.
The rise in the food index was caused by an increase in prices of food such as bread, cereals, potatoes, meat, fish, fruits, vegetables, alcoholic and food beverages, oils, and fats, the report said.
Inflation in transportation by air was the highest as “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,” the NBS report said.
The average 12-month annual rate of change of transportation by air index was 9.96 percent for the twelve-month period ending October 2020 representing is 0.19 percent points higher than 9.77 percent recorded in September 2020.