Nigeria’s inflation jumps to 20.77%, highest in 17 years  

The National Bureau of Statistics (NBS) on Monday said that inflation rose to 20.77 per cent  in September from August’s 20.50%, marking it the highest since September 2005.

The result was driven by a stronger increase in food and non-alcoholic beverages, housing, water, electricity and gas, and clothing and footwear prices.

The food inflation rate in September 2022 was 23.34 per cent on a year-on-year basis; which was 3.77% higher compared to the rate recorded in September 2021 (19.57%)

This rise in food inflation was caused by increases in prices of bread and cereals, food products, potatoes, yam, and other tuber, oil, and fat.