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Breaking News: Inflation Increased By 13.71 per cent In September

The consumer price index (CPI) which measures inflation increased by 13.71 percent (year-on-year) in September 2020.

The National Bureau of Statistics (NBS) disclosed this on its “CPI and Inflation Report September 2020,” on Thursday.

It said the CPI is 0.49 percent points higher than the rate recorded in August 2020 (13.22) percent.

According to the report, increases were recorded in all Classification of Individual Consumption by Purpose (COICOP) divisions that yielded the Headline index.

The report added: “On a month-on-month basis, the Headline index increased by 1.48 percent in September 2020. This is 0.14 percent rate higher than the rate recorded in August 2020 (1.34) percent.”

NBS said 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 twelve months period was 12.44 percent, showing 0.21 percent point from 12.23 percent recorded in August 2020.

The report reads in part: “On a month-on-month basis, said thr report, the urban index rose by 1.56 percent in September 2020, up by 0.14 from 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 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.
“The corresponding twelve-month year-on-year average percentage change for the urban index is 13.07 percent in September 2020. This is 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.
“On a month-on-month basis, the Headline index increased by 1.48 percent in September 2020. This is 0.14 percent rate higher than the rate recorded in August 2020 (1.34) percent.
Increases were recorded in all COICOP divisions that yielded the Headline index.
“The consumer price index, (CPI) 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.”

About Editor

Otunba Sayo Akintola is a 1992 graduate of Linguistics from the University of Ibadan, Oyo State. He holds a post-graduate diploma in Financial Management and MBA from Abubakar Tafawa Balewa University, Bauchi. He started his 12-year sojourn in journalism at the Nigerian Tribune in 1993 as Business and Economy reporter. He rose through the ranks to become the Group Business Editor of the nation’s oldest surviving private national newspaper, the Nigerian Tribune. He set up World Street Journal magazine in 2018.

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