Inflation hits 21.34%, food rate increases in December 2022

Nigeria’s composite price index (CPI), which measures inflation, rose to 20.77% in the month of September, 2022, up from 20.52 percent recorded in August, the highest since 2005.

This is according to CPI report released by the National Bureau of Statistics (NBS) on Monday.

According to the report, the headline inflation rate rose to 20.77% in September 2022, on a year–on- year basis.

This the bureau said was 4.14% points higher compared to the rate recorded in September 2021, which was (16.63%).

Food inflation rose 23.34 percent year-on-year compared with 23.1 percent in August.

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