Inflation rises to 20.77%

Bank of America warns Nigeria inflation may hit 30%

Latest figure by the National Bureau of Statistics (NBS) on inflation has shown that headline inflation rose to 20.77 per cent in the month of September, 2022.

According to the statistics office, on year-on-year basis, the headline inflation rose above the 20.52 per cent that was recorded in August.

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

This indicates that in the month of September 2022 the general price level was 4.14 per cent higher relative to September 2021.

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

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

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The percentage change in the average CPI for the 12-month period ending September 2022 over the average of the CPI for the previous twelve month period was 17.43 per cent, showing a 0.60 per cent increase compared to 16.83 per cent recorded in September 2021.

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