Business Nigeria

Inflation increased by 13.71 % in September

The consumer price index (CPI) which measures inflation increased by 13.71 percent (year-on-year) in September 2020.

The National Bureau of Statistics (NBS) disclosed this on its “CPI and Inflation Report September 2020,” on Thursday.

It said the CPI is 0.49 percent points higher than the rate recorded in August 2020 (13.22) percent.

According to the report, increases were recorded in allClassification of Individual Consumption by Purpose (COICOP) divisions that yielded the Headline index.

The report added: “On a month-on-month basis, the Headline index increased by 1.48 percent in September 2020. This is 0.14 percent rate higher than the rate recorded in August 2020 (1.34) percent.”

NBS said the percentage change in the average composite CPI for the twelve months period ending September 2020 over the average of the CPI for the previous twelve months period was 12.44 percent, showing 0.21 percent point from 12.23 percent recorded in August 2020.

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