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17
October
2022

Nigeria’s inflation rate hits a new 17-year high of 20.77% in September 2022

Nigeria’s inflation rate surged to 20.77% in September 2022, up from 20.52% recorded in the previous month.

The new Consumer Price Index (CPI) report by the National Bureau of Statistics (NBS) showed that Nigeria’s CPI rose by 20.77% year-on-year in September 2022. On a month-on-month basis, the index rose by 1.36% compared to the 1.77% increase recorded in the previous month.

This represents the highest rate since September 2005, according to data tracked by Nairalytics, a web portal that publishes Nigeria’s historical macroeconomic data.

Meanwhile, the urban inflation rate stood at 21.25% in September 2022 from 17.19% recorded in the corresponding period of 2021, while rural inflation stood at 20.32%.

More details coming soon

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