Nigeria’s inflation rate hits new 17-year high of 20.77%

Nigeria’s inflation has risen to 20.77 per cent in September,  maintaining a rise which started since March, a report by the National Bureau of Statistics has disclosed.

The new figure puts the country’s inflation figure at a 17- year high.

The NBS said the figure was 4.14 per cent points higher compared to the rate recorded in September 2021, which was (16.63%).

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It said the increase was due to a disruption in the supply of food products, an increase in import cost due to the persistent currency depreciation and the general increase in the cost of production.

Similarly, food inflation increased to 23.34 per cent on a year-on-year basis; which was 3.77 per cent higher compared to the rate recorded in September 2021 (19.57%).

The bureau stated that food inflation was caused by increases in prices of “bread and cereals, food products like potatoes, yam, and other tubers, oil, and fat.

Reduction in monthly figures

However, the report said there was a drop in inflation when compared to the previous situation.

On a month-on-month basis, the headline inflation rate in September 2022 was 1.36 per cent, a 0.41 per cent lower than the rate recorded in August 2022 (1.77%).

It said, “Over the past two months, there has been a decline in headline inflation on a month-on-month basis due to a decline in the changes in the food index relative to the reference month index which is due to the present harvest season.

Also, on a month-on-month basis, the food inflation rate was 1.43 per cent, a 0.54 a fall compared to the rate recorded in August 2022 (1.98%).

It attributed the decline to a reduction in prices of some food items like tubers, palm oil, maize, beans and vegetables.