Nigeria’s inflation accelerates to 17 years high of 20.77%

Nigeria‘s headline inflation has soared to 20.77 per cent from the 20.52 per cent recorded in August, the highest in 17 years, according to the Consumer Price Index (CPI) report for the month of September, released on Monday by the National Bureau of Statistics (NBS).

The report indicated that the CPI increased by 1.36 per cent month-on-month, compared to a 1.77 per cent increase in the previous month.

“In September 2022, on a year-on-year basis, the headline inflation rate was 20.77%. This was 4.14% points higher compared to the rate recorded in September 2021, which was (16.63%). This indicates that in the month of September 2022 the general price level was 4.14% higher relative to September 2021,” the report read.

The report added that “On a month-on-month basis, the Headline inflation rate in September 2022 was 1.36%, this was 0.41% lower than the rate recorded in August 2022 (1.77%).

“This means that in the month of September 2022, the headline inflation rate (month–on–month basis) declined by 0.41%, relative to August 2022.”

The year-on-year food inflation rate in September was 23.34 per cent, an increase from the previous month’s rate of 23.12 per cent. Price increases in bread and cereals, food products, potatoes, yams and other tubers, oil and fat were attributed to the rise in the food index.

The report also stated that “all items less farm produce” or core inflation, which excludes the prices of volatile agricultural produce, increased from 17.2 per cent in August to 17.60 per cent in September.

The prices of gas, liquid fuel, air travel, ground travel, and solid fuel all experienced the largest increases.