Nigeria’s inflation rate rose to 13.7 percent in September 2020, hitting the highest level since March 2018 (30 months ago). The inflation rate was 13.34 percent in March 2018.
This was disclosed in the National Bureau of Statistics (NBS) Consumer Price Index report for September 2020 released on Thursday.
According to the NBS report “The consumer price index which measures inflation increased by 13.71 percent (year-on-year) in September 2020. This is 0.49 percent points higher than the rate recorded in August 2020 (13.22) percent.”
The report further shows that increases were recorded in all divisions that yielded the headline index.
On a month-on-month basis, the headline index increased by 1.48 percent in September 2020. The September rate was 0.14 percent rate higher than the rate recorded in August 2020 (1.34) percent.
The percentage change in the average composite CPI for the twelve months period ending September 2020 over the average of the CPI for the previous 12 months period was 12.44 percent, showing 0.21 percent point from 12.23 percent recorded in August 2020.
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.
On a month-on-month basis, the urban index rose by 1.56 percent in September 2020, up by 0.14 from the 1.42 percent recorded in August 2020, while the rural index also rose by 1.40 percent in September 2020, up by 0.13 from the rate recorded in August 2020 (1.27 percent).
The corresponding 12-month year-on-year average percentage change for the urban index is 13.07 percent in September 2020.
This was higher than 12.85 percent reported in August 2020, while the corresponding rural inflation rate in September 2020 is 11.86 percent compared to 11.66 percent recorded in August 2020.
All Item Inflation
In September 2020, all items inflation on year on year basis was highest in Bauchi (17.85%), Zamfara
(17.42%) and Kogi (16.66%), while Lagos (11.19%), Abuja (10.59%), and Kwara (10.53%) recorded the
slowest rise in headline Year on Year inflation.
On month on month basis, however, in September 2020 all items inflation was highest in Bauchi (3.36%), Kogi
(2.63%) and zamfara (2.75%), while Nasarawa (0.66%), Abuja (0.64%) and Ondo (0.31%) recorded the
the slowest rise in headline month on month inflation.