Inflation Rate

Monthly

Nigeria's Consumer Price Index (CPI) which measures inflation, increased by 14.23% (year-on-year) in October 2020. This is 0.52% points higher than the rate recorded in September 2020 (13.71%). Core inflation increased from 10.58% to 11.14% while food inflation increased to 17.38% from 16.66%.

Interest Rate

Monthly

Nigeria’s Monetary Policy Rate (MPR) stood at 11.5% as at October 2020. The MPR was pegged at 14% for over 31 months from July 2016 before it was recently revised by the Committee to 13.5% in March 2019 and further revised downwards in May 2020.

The MPR is the rate at which the Central Bank of Nigeria lends to the deposit money banks

Unemployment Rate

Quarterly

The unemployment rate, which measures the total number of people within the labour force who are willing to work but cannot get any gainful employment, increased by 4% to 27.1% in Q2, 2020, compared with Q3, 2018 - the last quarter it was released. This indicates that close 21,764,614 Nigerians are unemployed.