Nigeria’s inflation rate for the month of September 2022, rose to 20.77 per cent.
This shows an increase of .25 per cent from the 20.52 per cent recorded in the previous month of August.
This was contained in the new Consumer Price Index (CPI) report by the National Bureau of Statistics (NBS).
The report showed that Nigeria’s CPI rose by 20.77 per cent year-on-year in September 2022 while on a month-on-month basis, it rose by 1.36 per cent compared to the 1.77 per cent increase recorded in the previous month.
Data from the CPI report showed that 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 was 20.32 per cent.
Also, the food inflation rate in September 2022 was 23.34 per cent on a year-on-year basis, indicating a rise from the 23.12 per cent recorded in the previous month.
The NBS attributed the increase in the food index 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% in September 2022 on a year-on-year basis; up from 17.2% recorded in August 2022.
Meanwhile, the highest increases were recorded in prices of gas, liquid fuel, passenger transport by air, passenger travel by road, and solid fuel.
