Home Business Nigeria Inflation Rate Reaches All Time High 20.77%

Nigeria Inflation Rate Reaches All Time High 20.77%

by Kunle Awosiyan

NIGERIA’s inflation rate has reached an all-time high of 20.77 per cent in September 2022, from 20.52 per cent recorded in August of the same year.

The nation’s inflation rate has been on the upward trajectory since President Muhammadu Buhari assumed office in May 2015. The figure was 9.3 per cent in October 2015.

Nigeria’s statistics office, the National Bureau of Statistics (NBS), said the inflation rate on a year-by-year basis rose by 4.14 per cent, while the same figure rose by 1.36 per cent between August 2022 and September 2022. Bloomberg economists, in a survey, had initially estimated a 21 per cent hike.

A statement by the NBS read, “In September 2022, on a year–on- year basis, the headline inflation rate was 20.77 per cent. This was 4.14 per cent points higher compared to the rate recorded in September 2021, which was (16.63 per cent).

 

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