Nigeria Economy Toughens As Inflation Hits Above 14%

Nigeria’s economy is becoming too tough for the poor masses to survive as inflation continues its upward trend in October, rising to 14.23 percent, 0.52 percentage points higher than the 13.71 percent recorded in September.

According to the report, the October figures indicates a persistent increase in 14 months and the highest recorded since March 2018. Also, on a month-on-month basis, the Headline index increased by 1.54% in October 2020, this is 0.06% rate higher than the rate recorded in September 2020 (1.48%).

The composite food index, a closely watched component rose by 17.38% in October 2020 compared to 16.66% recorded in September 2020. On month-on-month basis, the food sub-index increased by 1.96% in October 2020, up by 0.08% points from 1.88% recorded in September 2020.