Categories: Business

Nigeria’s Inflation Hits 20.77 Percent, Highest Since 2005

A file photo of a food trader at a market in Akure, the Ondo State capital. Sodiq Adelakun/Channels Television

 

Nigeria’s inflation rate has surged for the eight consecutive month, hitting a fresh 17-year-high amid rising food and energy costs, and the continued depreciation of the naira.

According to data from the National Bureau of Statistics, inflation rose to 20.77 percent in September from 20.52 percent recorded in August, the highest since 2005.

Food inflation rose 23.34 percent year-on-year compared with 23.1 percent in August, while core inflation increased to 17.6 percent in September from 17.2 percent in August.

Meanwhile, upward pressures may see the Central Bank of Nigeria’s Monetary Policy Committee raise borrowing costs for the fourth successive time in November.

Solomon Elusoji

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Solomon Elusoji
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