Nigeria’s inflation hits 14.23% high in October

According to the latest data released by the National Bureau of Statistics (NBS) on Monday, November 16, 2020, Nigeria’s inflation rate continues it’s upward movement in October, rising to 14.23 percent, 0.52 percentage points higher than the 13.71 percent recorded in September.

NBS, in the released data, showed that; the core food index rose by 17.38 percent majorly driven by increases in food items.

Core inflation also maintained a steady rise to 11.14 percent, from the 10.58 percent reported in August this year.

Urban inflation rose to 14.81 percent year-on-year from the 14.31 percent recorded last month, while rural inflation hit 13.68 percent.

The data also shows that, inflation was highest in Zamfara, Sokoto, and Ebonyi, with Lagos, Abuja, and Cross River recording the lowest in October.

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