Nigeria: October 2020 Inflation Rate Rises to 14.23% as Food Inflation Jumps to 17.38%

Must Read

How To Block Your Bank Account And SIM Card In Case Of Emergency

Losing your phone and wallet or having them stolen can be very frustrating. However, in case that happens to...

List of Access Bank Sort Codes & Branches (with addresses) in Nigeria

The sort code is a number which usually identifies both the bank and the branch where an account is...

List of United Bank for Africa (UBA) Sort Codes & Branches (with addresses) in Nigeria

The sort code is a number that usually identifies both the bank and the branch where an account is held. The sort...
- Advertisement -

October 2020 Inflation Rate Rises to 14.23% as Food Inflation Jumps to 17.38%

The consumer price index, (CPI) which measures inflation increased by 14.23 percent (year-on-year) in October 2020. This is 0.52 percent points higher than the rate recorded in September 2020 (13.71 percent).

Increases were recorded in all COICOP divisions that yielded the Headline index.

On a month-on-month basis, the Headline index increased by 1.54 percent in October 2020, this is 0.06 percent rate higher than the rate recorded in September 2020 (1.48 percent).

The percentage change in the average composite CPI for the twelve months period ending October 2020 over the average of the CPI for the previous twelve months period was 12.66 percent, showing a 0.22  percent point rise from 12.44 percent recorded in September 2020.

The urban inflation rate increased by 14.81 percent (year-on-year) in October 2020 from 14.31 percent recorded in September 2020, while the rural inflation rate increased by 13.68 percent in October 2020  from 13.14 percent in September 2020.

- Advertisement -

On a month-on-month basis, the urban index rose by 1.60 percent in October 2020, up by 0.04 from 1.56 percent recorded in September 2020, while the rural index also rose by 1.48 percent in October 2020, up by 0.08 from the rate recorded in September 2020 (1.40 percent).

The corresponding twelve-month year-on-year average percentage change for the urban index is 13.29  percent in October 2020. This is higher than 13.07 percent reported in September 2020, while the corresponding rural inflation rate in October 2020 is 12.09 percent compared to 11.86 percent recorded in September 2020.

FOOD INDEX

The composite food index rose by 17.38 percent in October 2020 compared to 16.66 percent in  September 2020.

This rise in the food index was caused by increases in prices of Bread and cereals, Potatoes, Yam and other tubers, Meat, Fish, Fruits, Vegetable, alcoholic and food beverages and Oils and Fats.

- Advertisement -

Nigeria: October 2020 Inflation Rate Rises to 14.23% as Food Inflation Jumps to 17.38%

Nigeria: October 2020 Inflation Rate Rises to 14.23% as Food Inflation Jumps to 17.38%

On a month-on-month basis, the food sub-index increased by 1.96 percent in October 2020, up by 0.08  percent points from 1.88 percent recorded in September 2020.

The average annual rate of change of the Food sub-index for the twelve-month period ending October  2020 over the previous twelve-month average was 15.42 percent, representing a 0.29 percent points from the average annual rate of change recorded in September 2020 (15.13) percent.

Read Also:  Inflation Rate to tick up by 0.14% in August - Experts

ALL ITEMS LESS FARM PRODUCE

- Advertisement -

The ”All items less farm produce” or Core inflation, which excludes the prices of volatile agricultural produce stood at 11.14 percent in October 2020, up by 0.56 percent when compared with 10.58 percent recorded in September 2020.

On a month-on-month basis, the core sub-index increased by 1.25 percent in October 2020. This was up by

0.31 percent when compared with 0.94 percent recorded in September 2020.

The highest increases were recorded in prices of Passenger transport by air, Hospital and Medical Services, Passenger transport by road, Pharmaceutical products, Motor cars, Vehicle spare parts, maintenance and repair of personal transport equipment, Hairdressing salons and personal grooming establishments,  Miscellaneous services relating to the dwelling, Paramedical services and shoes and other footwear.

The average 12-month annual rate of change of the index was 9.96 percent for the twelve-month period ending October 2020 representing is 0.19 percent points higher than 9.77 percent recorded in September  2020.

STATE PROFILES

In analysing price movements under this section, note that the CPI is weighted by consumption expenditure patterns which differ across states. Accordingly, the weight assigned to a particular food or non-food item may differ from state to state making interstate comparisons of consumption basket inadvisable and potentially misleading.

All Items Inflation

In October 2020, all items inflation on year on year basis was highest in Zamfara (17.69%), Sokoto  (16.99%) and Ebonyi (16.91%), while Lagos (11.96%), Abuja (11.84%) and Cross River (10.50%) recorded the slowest rise in headline Year on Year inflation.

Read Also:  October Inflation Rate Jumps to 14.23% as Food, Core Prices Rise

On month on month basis, however, October 2020 all items inflation was highest in Sokoto (2.91%), Edo  (2.53%) and Akwa Ibom (2.52%), while Oyo (0.69%), Taraba (0.60%) and Jigawa (0.37%) recorded the slowest rise in headline month on month inflation.

Food Inflation

In October 2020, food inflation on a year on year basis was highest in Edo (21.65%), Zamfara (20.88%) and  Kogi (20.58%), while Lagos (14.57%), Ogun (14.47%) and Ondo (14.23%) recorded the slowest rise.

On month on month basis, however, October 2020 food inflation was highest in Kwara (3.88%), Edo  (3.81%) and Sokoto (3.65%), while Oyo (0.57%) and Jigawa (0.54%) and Taraba (0.29%) recorded the slowest rise on the month on month inflation.

- Advertisement -
Nigeria: October 2020 Inflation Rate Rises to 14.23% as Food Inflation Jumps to 17.38% - Brand SpurNigeria: October 2020 Inflation Rate Rises to 14.23% as Food Inflation Jumps to 17.38% - Brand Spur

Subscribe to BrandSpur Ng

Subscribe for latest updates. Signup to best of brands and business news, informed analysis and opinions among others that can propel you, your business or brand to greater heights.

- Advertisement -

4 COMMENTS

  1. […] SOURCE: https://brandspurng.com/2020/11/16/nigeria-october-2020-inflation-rate-rises-to-14-23-as-food-inflat… […]

  2. […] SOURCE: https://brandspurng.com/2020/11/16/nigeria-october-2020-inflation-rate-rises-to-14-23-as-food-inflat… […]

  3. […] SOURCE: https://brandspurng.com/2020/11/16/nigeria-october-2020-inflation-rate-rises-to-14-23-as-food-inflat… […]

  4. […] SOURCE: https://brandspurng.com/2020/11/16/nigeria-october-2020-inflation-rate-rises-to-14-23-as-food-inflat… […]

LEAVE A REPLY

Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Nigeria: October 2020 Inflation Rate Rises to 14.23% as Food Inflation Jumps to 17.38% - Brand SpurNigeria: October 2020 Inflation Rate Rises to 14.23% as Food Inflation Jumps to 17.38% - Brand Spur

Latest News

Majority Optimistic About Tech in 2021, But Health, Jobs and Environment Top Personal Risk List

Geneva, Switzerland, 22 January 2021 — A new World Economic Forum/Ipsos survey found most adults are optimistic about accessing technology, digital...

Bears Dominated Proceedings in the Equities Market this Week

Equities market closed the week on a bearish note with selloffs witnessed across major tickers. The benchmark All Share Index (ASI) declined by 24bps...

Joeboy Announces Debut Album, ‘Somewhere Between Beauty & Magic’

Looks like Joeboy is going to be the first mainstream artist to drop an album this year. Joeboy has announced his debut album, Somewhere...

TNT Africa muscles up with exciting channel refresh for 2021

Modern and sleek logo, new wrestling show and fresh content on the cards… :  As of 1 February, TNT Africa, home of the best contemporary...

Sonnie Ayere Recognised As ECOWAS Icon Of Societal Development

22ND January, Lagos – The West Africa Youth Council has recognized Nigeria’s Sonnie Ayere as the winner of the ECOWAS Icon of Societal Development...
- Advertisement -
BrandsPur Weekly Cartoons
- Advertisement -Nigeria: October 2020 Inflation Rate Rises to 14.23% as Food Inflation Jumps to 17.38% - Brand SpurNigeria: October 2020 Inflation Rate Rises to 14.23% as Food Inflation Jumps to 17.38% - Brand Spur