Food prices soar as Nigeria’s inflation worsens in October
Nigeria’s inflation rate rose to 14.23 per cent in October 2020, up from 13.71 per cent in September, the National Bureau of Statistics (NBS) said in a monthly inflation report Monday.
The NBS’ Consumer Price Index report, which measures increase in prices of goods and services, revealed that food inflation soared to 17.38 percent last month, a 0.72 percent increase from 16.66 percent recorded in September.
Cost of food items such as bread and cereals, fish, fruits, potatoes, yam and other tubers, meat, vegetables among others, rose the highest last month.
Air and road transport fares, pharmaceutical products and medical services also increased.
Peoples Gazette reported Saturday that higher petrol prices — engineered by the removal of subsidy early March has seen the country’s inflation rate soar over the past months.
Experts told the Gazette over the weekend that Nigeria’s inflation rate may rise as high as 16 percent before the end of 2020.
We have recently deactivated our website's comment provider in favour of other channels of distribution and commentary. We encourage you to join the conversation on our stories via our Facebook, Twitter and other social media pages.
More from Peoples Gazette
Agriculture
FG tasks ECOWAS on leveraging financing strategies for agroecology
The federal government has urged stakeholders in the agriculture and finance sectors in the West Africa region to leverage financing strategies to enhance agroecology practices
Politics
Katsina youths pledge to deliver over 2 million votes to Atiku
“Katsina State is Atiku’s political base because it is his second home.”
NationWide
Navy holds route march to boost combat readiness
The exercise, conducted through Egweama communities in Brass, aimed to enhance physical endurance, promote healthy living, and maintain a physically fit force.
Sport
Nigeria’s Stallions beat Ghana, fall to Morocco in Africa rugby men’s sevens
The Stallions opened their campaign with a 26-5 victory over Ghana’s Black Eagles but suffered a 36-5 defeat to Morocco in their second match of the competition.
Heading 4
APC reviews structures, declares readiness for 2027
APC National Chairman, Prof. Nentawe Yilwatda, said the review covered the party’s structures from the national, state, local government and ward levels to polling units.
Heading 1
Sultan, ex-Archbishop of Canterbury urge peaceful coexistence in Nigeria, beyond
“There is a need for a strong call on religious and faith communities to work towards checking all forms of hatred,” the Sultan said.
Abuja
Police arrest suspected ‘one chance’ robbers in Abuja
The FCT police command arrested three suspected members of a ‘one chance’ robbery gang in Abuja.
Economy
TCN, Imcomtel inspect Katsina substation ahead of major installation
TCN, Katsina sub-region, and Imcomtel Engineering Limited inspected the Katsina 330/132/33 kilovolt (kV) transmission substation project ahead of a major installation.
