The inflation rate in Nigeria rose for eighth straight month to 20.77 per cent in September, data released by the National Bureau of Statistics (NBS) on Monday has shown.
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.
On a year–on–year basis, in September 2022, the headline inflation rate of 20.77 per cent was 4.14 per cent points higher compared to the rate recorded in September 2021, which was 16.63 per cent.
According to the NBS, “this indicates that in the month of September 2022 the general price level was 4.14 per cent higher relative to September 2021.
“On a month-on-month 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. This means that in the month of September 2022, the headline inflation rate, month-on-month basis declined by0.41 per cent, relative to August 2022″.
The rise in September 2022 inflation rate to 20.77 per cent from 20.5 per cent recorded in August 2022, 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.