Nigeria’s inflation rate hit a 17-year high on the back of soaring food prices and supply chain disruption in September, a report by the National Bureau of Statistics (NBS) said on Monday.
The Consumer Price Index (CPI) report released by the NBS showed that inflation rose by 20.8% in September, the highest rate since 2005, 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, it said.
The NBS report showed that urban inflation stood at 21.25% in September 2022 from 17.19% recorded in the corresponding period of 2021, while rural inflation stood at 20.32%.
Food Inflation
The food inflation rate stood at 23.34% on a year-on-year basis, recording a surge from the 23.12% recorded in the previous month.
The NBS said 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…
