At 20.77%, inflation rate hits 17-year high in September, says NBS

The National Bureau of Statistics (NBS) on Monday disclosed that Nigeria’s inflation rate surged to 20.77per cent in September 2022, up from 20.52 per cent recorded in the previous month.

The new Consumer Price Index (CPI) report by NBS showed that Nigeria’s CPI rose by 20.77 per cent year-on-year in September 2022.

On a month-on-month basis, the index rose by 1.36 per cent compared to the 1.77 per cent increase recorded in the previous month.

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

The food inflation rate in September 2022 was 23.34 per cent on a year-on-year basis, marking an uptick from the 23.12 per cent 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 “all items less farm produce” or core inflation, which excludes the prices of volatile agricultural produce, stood at 17.60 per cent in September 2022 on a year-on-year basis; up from 17.2 per cent recorded in August 2022.

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