The consumer price index, (CPI) which measures inflation accelerated by 14.23 percent in October 2020, a 0.52 percent point increase from 13.71 percent in September 2020, marking the 14th-consecutive uptrend since September 2019 and the highest in 31 months, a BusinessDay analysis shows.
Data from the October 2020 inflation report by the National Bureau of Statistics (NBS) released this morning, showed that inflation rose month-on-month by 1.54 percent, which is 0.06 percentage points higher than 1.48 percent recorded in September 2020.
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Food inflation rose by 17.38 percent month-on-month compared to 16.66 percent in September 2020.
The major drivers of the rise in Nigeria’s food index are bread, cereal, meat, fruits, vegetables, oil & fat, potatoes, fish, alcoholic beverages, yam and other tubers.
Core inflation, which excludes the prices of volatile agricultural produce hiked by 11.14 percent month-on-month as against 10.58 percent in September 2020.
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