The National Bureau of Statistics (NBS) showed that Nigeria’s new Consumer Price Index (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 month before. Up from 20.52% recorded in August, Nigeria’s inflation rate surged to 20.77% in September 2022.
Nigeria’s historical macroeconomic data indicate that this is the highest rate since September 2005. Urban inflation rate climbed to 21.25% in September 2022 from 17.19% recorded in the corresponding period of 2021, while rural inflation stood at 20.32%.
The food inflation rate in September 2022 was 23.34% on a year-on-year basis, marking an increase from the 23.12% recorded in the previous month.
The increase in the food index was attributed to increases in prices of yams, bread, cereals, potatoes, and other tubers, oil, and fat.
Cooking gas, passenger transport by air, liquid fuel, passenger travel by road, and solid fuel recorded the highest increases.
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