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Nigeria’s Inflation Rate Increases To 20.77% In September 2022 Says National Bureau of Statistics

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The National Bureau of Statistics (NBS), says Nigeria’s headline inflation rate increased to 20.77 per cent on a year-on-year basis in September 2022.

This is contained in a statement issued by Prince Semiu Adeniran, the Statistician-General of the Federation and Chief Executive Officer, National Bureau of Statistics (NBS).

The statement was on the Consumer Price Index (CPI) and Inflation Report for September.

Adeniran said the figure is 4.14 per cent points higher compared to the 16.63 per cent recorded in September 2021.

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

He said factors responsible for the increase in the annual inflation rate include interruption in the supply of food products, increase in import cost due to the persistent currency depreciation and a general increase in the cost of production.

Adeniran said on a month-on-month basis, the headline inflation rate in September was 1.36 per cent, which was 0.41 per cent lower than the rate recorded in August 2022 at 1.77 per cent.

He said that the factor responsible for the decline in the monthly inflation rate in the last two months was a decline in the changes in the food index.

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