Nigeria’s inflation rate increased by 14.23% (year-on-year) in October 2020, this is 0.06% higher than the rate recorded in September 2020 (13.71%).
Rising food prices continued to be the primary driver of inflationary pressures in the review period. According to Nigeria’s statistics office, the composite food index jumped by 17.39% in October 2020 compared to 16.66% in September 2020. Prices of bread and cereals, potatoes, yam and other tubers, meat, fish, fruits, vegetable, alcoholic beverages and oils and fats increased the most in October.
Africa’s most populous nation’s inflation rate is still much higher than the Central Bank’s target range of 6% to 9%. The next CBN MPC meeting is scheduled to hold on November 23 to 24.