Inflation figures for October 2020 released by the National Bureau of Statistics (NBS) shows that Nigeria’s headline inflation surged for the 14th consecutive month to 14.23 percent YoY (1.54% MoM).
Rising food prices continued to be the primary driver of inflationary pressures in the review period.
Highlights
- Food inflation rose by 72 bps to 17.38% YoY (September 2020: 16.66% YoY)
- Core inflation also climbed by 56 bps to 11.14% YoY (September 2020: 10.58% YoY)
- Urban inflation advanced by 50 bps to 14.81% YoY. Similarly, Rural inflation rose by 54 bps 13.68% YoY