Food Prices Continue To Rise Drastically Under President Buhari’s Watchful Eyes, As Nigeria’s Inflation Rate Increases To 14 Percent

The inflation rate in the country rose to 14 percent in October 2020, indicating 0.52 percent points higher than 13.71 percent recorded in September 2020, under President Muhammadu Buhari’s watch, Page 36 learnt

This was contained in the Consumer Price Index, CPI, report released by the National Bureau of Statistics, NBS, on Monday.

The report showed that food inflation hit 17.38 percent from 16.66 percent, in September.

This NBS said that the rise in the food Index was caused by increases in prices of bread, cereal, oil, potato, yam and other tubers, meat, fish, fruits, vegetable, alcoholic and food beverages.

According to the report, all items inflation on a year-on-year basis was highest in Zamfara State (17.69 percent), Sokoto State (16.99 percent), and Ebonyi State (16.91 percent), while Lagos State (11.96 percent), Abuja (11.84 percent), and Cross River State (10.50 percent), recorded the slowest rise.

“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”, the report read.

Core inflation, which excludes the prices of volatile agricultural produce, stood at 11.14 percent in October 2020, up by 0.56 percent, when compared with 10.58 percent recorded in September 2020.

More news later…

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