The Consumer Price Index (CPI) report released by the NBS showed that inflation rose by 20.8% in September, the highest rate since 2005...
The Consumer Price Index report released by the NBS showed that inflation rose by 20.8% in September, the highest rate since 2005, up from 20.52% recorded in the previous month.
The NBS report showed that urban inflation stood at 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 stood at 23.34% on a year-on-year basis, recording a surge from the 23.12% recorded in the previous month.
The ‘’All items less farm produce’’ or core inflation, including the prices of volatile agricultural produce, stood at 17.60%, up from 17.2% recorded in August 2022. The NBS explained that rising inflation rate was caused by soaring food prices, disruption in food supply chain, rise in import cost due to the currency depreciation, and increase in the cost of production.The inflation rate increase places renewed pressure on the Nigerian apex bank to increase interest rates and put inflationary pressure at bay.
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