City in Nigeria

Nigeria Inflation October 2020

Nigeria: Inflation rises for sixth consecutive month in October

Consumer prices rose 1.54% over the previous month in October, which was above the 1.48% advance logged in September. October’s reading marked the eighth consecutive month of accelerating price growth and the sharpest increase in over three years. The monthly pick-up was mainly driven by faster price growth for food.

Inflation leaped from 13.7% in September to 14.2% in October, marking the highest reading since February 2018. As a result, it moved further above the Central Bank’s target range of 6.0%–9.0%. Meanwhile, annual average inflation climbed to 12.7% in October (September: 12.4%).

Moreover, core consumer prices, which exclude volatile agricultural produce, rose 1.24% over the previous month in October, quickening from September’s 0.94% increase. Lastly, core inflation jumped to 11.1% from 10.6% in the previous month.

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