Just in: Nigeria’s inflation surges to 20.77%, says NBS

The National Bureau of Statistics on Monday released the Nigeria’s inflation rate for the month of September, which it put at 20.77 per cent.

According to the report, the latest headline inflation rate of 20.77 per cent on a year–on- year basis was 4.14 per cent points higher than the rate recorded in September 2021, which was 16.63 per cent.

The new Consumer Price Index (CPI)  report by the NBS shows the nation’s inflation rose from 20.5 per cent recorded in the previous month (August) by 1.36 per cent.

This represents the highest rate since September 2005.

The urban inflation rate stood at 21.25% in September 2022 from 17.19% recorded in the corresponding period of 2021, while rural inflation stood at 20.32%.

The food inflation rate in September 2022 was 23.34% on a year-on-year basis, marking an uptick from the 23.12% recorded in the previous month. The increase in the food index was attributed to increases in prices of bread and cereals, food products, potatoes, yams, and other tubers, oil, and fat.

The core inflation, which excludes the prices of volatile agricultural produce, stood at 17.60% in September 2022 on a year-on-year basis; up from 17.2% recorded in August 2022.

The highest increases were recorded in prices of gas, liquid fuel, passenger transport by air, passenger travel by road, and solid fuel.