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Breaking: Gloom as Nigeria’s inflation rises to 14.23%

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The National Bureau of Statistics has revealed that 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%). 

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

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 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.

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%).


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