BREAKING: Inflation hits 20.77% in September, highest in 17 years


The National Bureau of Statistics (NBS) has revealed that Nigeria’s inflation rate surged to 20.77% in September 2022 , the highest rate since September 2005.

NBS stated this in its Consumer Price Index (CPI) report published on Monday and obtained by Ripples Nigeria.

Read also:CBN raises interest rate to 15.5% to fight inflation, attract foreign investors

Details from the report showed that Nigeria’s CPI rose by 20.77% year-on-year in September 2022, up from 20.52% recorded in the previous month.

On a month-on-month basis, the index rose by 1.36% compared to the 1.77% increase recorded in the previous month.

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%.

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