The inflation rate in Nigeria is largely driven by the cost of transportation.
A combination of weaker farming activity, Naira weakness and covid-19 lockdowns are behind the uptrend in food inflation.
The sectoral distribution of VAT data increased from N327.20 billion in the Second quarter of 2020 to N424.71 billion by the end of Q3 2020.
Consumers’ confidence in the Nigerian economy in the 4th quarter has increased with indices of 10.1 points.
Nigeria’s Food Inflation has risen by 110.5% between September 2015 and September 2020.
According to the latest Consumer Expectations Survey Report for Q3, 2020, consumers’ overall confidence index dipped to -21.2 points.
Data from the NBS reveals the average fare paid by commuters for a journey by motorcycle more than doubled year on year.
Nigerian headline inflation rose for the 13th consecutive month to a 30-months high in September 2020.
Nigeria's inflation rate has risen to 13.71% as prices jump in almost every sector.
The world economy is now projected to fall by 4.4% in 2020.