Inflation rate hits 17-year high in Sept

NIGERIA’s inflation rate reached 20.77% in September 2022, up from 20.52% recorded in the previous month.

The new Consumer Price Index (CPI) report by the National Bureau of Statistics (NBS) showed that Nigeria’s CPI rose by 20.77% year-on-year in September 2022. On a month-on-month basis, the index rose by 1.36% compared to the 1.77% increase recorded in the previous month.

This represents the highest rate since September 2005, according to data tracked by Nairalytics, a web portal that publishes Nigeria’s historical macroeconomic data.

Details later…