Nigeria’s CPI rises by 14.23 pct in October

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Nigeria’s consumer price index (CPI) rose by 14.23 percent year-on-year in October, up from the 13.71 percent jump recorded in September, according to data released Monday by the National Bureau of Statistics (NBS), as food prices rocketed across Africa’s most populous country.

Official data showed that the composite food index rose by 17.38 percent year-on-year in October, compared to 16.66 percent in September.

The bureau said the rise in the food index was caused by increases in prices of bread and cereals, potatoes, yam and other tubers, meat, fish, fruits, vegetables, alcoholic and food beverages, and oils and fats.

“On a month-on-month basis, the food sub-index increased by 1.96 percent in October 2020, up by 0.08 percent points from 1.88 percent recorded in September 2020,” the NBS said.

According to the NBS, the average annual rate of change of the food sub-index for the 12-month period ending October 2020 over the previous 12-month average was 15.42 percent, representing a 0.29 percentage-point rise from the average annual rate of change recorded in September 2020 with 15.13 percent.

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