Nigeria’s Inflation Rate In September Hits Twenty Point Seven-Seven Percent
Written by Olarotimi Oshin on October 17, 2022
The inflation rate in Nigeria rose for the eighth straight month to 20.77 per cent in September according to the data released by the National Bureau of Statistics (NBS) today.
The NBS attributed the likely cause of the rise to the disruption 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.
In September 2022, the inflation rate was 20.77 per cent, a 4.14 percent increase compared to the rate recorded in September 2021, which was 16.63 per cent. While on a monthly basis, the Headline inflation rate in September 2022 was 1.36 per cent, this was 0.41 per cent lower than the 1.77 per cent rate recorded in August 2022.
The rise in September 2022 inflation rate tends to defy the Central Bank of Nigeria (CBN) latest unanimous decision to increase the benchmark interest rate (monetary policy rate) to 15.5 per cent in a bid to check the rising rate of inflation in the country.
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