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More Hunger Looms, As Nigeria’s Inflation Rate Rises Above 13.71 Percent, Food Prices To Remain Very High Till December

Nigeria’s headline inflation has climbed further, after attaining the highest level in 28 months, in September, 2020, the latest figures by the National Bureau of Statistics, NBS, has shown.

The report published on Thursday, by the Statistician-General of the Federation, Yemi Kale, through his verified Twitter handle, @sgyemikale, showed that the latest figure rose by 0.49 percent points from 13.22 percent, in August, to 13.71 percent, in September.

The figure rose by 1.48 percent, or 1.34 percent, on month-on-month bases.

The NBS said that Nigerians paid more for food during the month, as food inflation figures soared by about 4.13 percent, from 16 percent in August, to over 16.66 percent in the month under review.

The food sub-index for the month, showed a 1.88 percent growth (1.67 percent, compared to the figure in the previous month), while core-sub index grew by 0.94 percent (about 1.05 percent in August).

By implication, Analysts have said that as Nigerians look forward to the end of the year, food prices are expected to remain high, as the impact of the coronavirus pandemic and lower crude oil prices at the international markets, bites harder on the global economy.

Core Inflation was put at about 10.58 percent, in September 2020, from 10.52 percent, in August 2020.

The urban inflation rate, the NBS noted, increased by 14.31 percent (year-on-year), in September 2020, from 13.83 percent recorded in August 2020, while the rural inflation rate increased by 13.14 percent in September 2020, from 12.65 percent in August 2020.

On a month-on-month basis, the urban index rose by 1.56 percent in September 2020, up by 0.14 from 1.42 percent recorded in August 2020, while the rural index also rose by 1.40 percent in September 2020, up by 0.13 from the rate recorded in August 2020 (1.27 percent).

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