Rising Food Prices Raise Nigeria’s Inflation to 14.23% in October

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.

Lillian Jijingi

Follow us on:

AriseNews

Recent Posts

Netanyahu Risks Arrest in UK as ICC Issues Warrant Against Him For War Crimes

Israeli PM Netanyahu faces potential arrest in the UK as Downing Street pledges to fulfill…

2 hours ago

Second Australian Teen Dies from Suspected Methanol Poisoning in Laos

A second Australian teenager has died of suspected methanol poisoning in Laos, bringing to six…

2 hours ago

Simon Ekpa Arrested, Denies Being IPOB Leader + Atiku Says Tinubu’s Loans Are Bone-Crushing – Trending With Ojy Okpe

https://www.youtube.com/watch?v=mFlFl1mPGC8 The arrest of self-proclaimed Prime minister of the Biafra Republic, Simon Ekpa who was…

3 hours ago

Gatwick Airport South Terminal Evacuated, Bomb Disposal Team Deployed Suspicious Item Found In Luggage

Gatwick Airport's South Terminal was evacuated after a suspected prohibited item was found, prompting bomb…

3 hours ago

Trump Considers Kevin Warsh for Treasury Secretary, Role Of Chairman Of Federal Reserve

Trump is considering Kevin Warsh for Treasury Secretary, with a future possibility of him becoming…

6 hours ago

Hyundai Recalls 145,235 Electrified Vehicles In The US Due To Power Loss Issue

Hyundai has recalled 145,235 electrified vehicles in the US. due to potential loss of drive…

6 hours ago