Nigeria’s inflation rises for eighth straight month, hits 20.77%

Nigeria’s inflation rate accelerated for the eighth straight month in September to 20.77 percent, the highest in almost 17 years, compared to 20.52 percent in the previous month, according to the National Bureau of Statistics (NBS).

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The NBS said on Monday that the food inflation rate in September was 23.34 percent on a year-on-year basis, which was 3.77 percent higher compared to the rate recorded in September 2021 (19.57 percent).

“This rise in food inflation was caused by increases in prices of bread and cereals, food products n.e.c, potatoes, yam, and other tuber, oil, and fat,” it said.