Inflation Rate Hits 30-Month High At 13.7% — NBS

The National Bureau of Statistics (NBS) yesterday reported that inflation rate in Nigeria rose to a 30-month high of 13.71 percent in September, 2020, 0.49 percent up from 13.22 percent recorded in August. This represents the highest inflation rate the country has recorded since March 2018 when it stood at 13.34 percent.

Meanwhile, analysts at United Capital Management Limited have projected that the ongoing Special Anti-Robbery Squad (SARS) protests, high financial system liquidity without commensurate increase in economic output, food supply shortages, structural bottlenecks and currency market challenges will further pressure the nation’s headline inflation till the end of the year.

 The NBS report stated: “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. Increases were recorded in all Classification of Individual Consumption According to Purpose (COICOP) divisions that yielded the headline index.

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