Economy

‘Food Prices Will Remain High in Nigeria’ NBS

The National Bureau of Statistics (NBS) revealed the increase in Nigeria’s inflation after attaining the highest level in 28 months in September.

The Country’s inflation rose from to 13.7 per cent in September, hitting its highest level since its reached 13.34 percent in March 2018.

Yemi Kale, the Statistician-General of the Federation, disclosed this on his Twitter handle, @sgyemikale, showing the latest figure, which rose by 0.49 per cent points from 13.22 per cent in August to 13.71 per cent in September.

The NBS said that, Nigerians spent more on food during the month, as food inflation figures increased by about 4.13 per cent, from 16 per cent in August to over 16.66 per cent in the month under review.

However, the food sub-index for the month showed a 1.88 per cent growth compared to 1.67 per cent figure in the previous month, while its core-sub index increased by 0.94 percent.

Read Also: Nigeria’s Food Security and the Challenges of Post-Harvest Losses

Analysts revealed that, as the year runs out, prices of food are no sooner expected to normalize, as the effect of the coronavirus pandemic and lower crude oil prices at the international markets hit harder on the global economy.

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

NBS stated that, the urban inflation rate has increased by 14.31 percent (year-on-year) in September 2020, from 13.83 percent which was 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 monthly basis, the urban index rose by 1.56 percent in September 2020, up by 0.14 from 1.42 per cent recorded in August 2020, while the rural index also rose by 1.40 per cent in September 2020, up by 0.13 from the rate recorded in August 2020 (1.27 per cent).

Adenike Omosanya

Categories: Economy, News

Leave a Reply

Your email address will not be published.