Just in: Inflation hits 20.77% in September, highest in 17 years

The National Bureau of Statistics (NBS) has revealed that Nigeria’s inflation rate surged to 20.77% in September 2022, the highest rate since September 2005.

NBS stated this in its Consumer Price Index (CPI) report published on Monday and obtained by National Daily.

Details from the report showed that Nigeria’s CPI rose by 20.77% year-on-year in September 2022, up from 20.52% recorded in the previous month.

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

Meanwhile, 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%.