Nigeria’s inflation rate soars, hits 29-month high

Nigeria’s headline inflation, which measures the cost of living through average change in the prices of goods and services consumed in everyday living, quickened to 13.71% in September, 0.49% higher than that of August.

This was contained in the Consumer Price Index (CPI) report, released by the National Bureau of Statistics (NBS).

The composite food index rose by 16.66% in September 2020 compared to 16% in August 2020 while the ”All items less farm produce” or Core inflation, which excludes the prices of volatile agricultural produce stood at 10.58% September 2020.

The highest increases were recorded in prices of Passenger transport by air, Medical services, Hospital services, Pharmaceutical products, Passenger transport by road, Motor cars, Vehicle spare parts, Maintenance and repair of personal transport equipment, Repair of furniture and Paramedical services.