Business & Economy

Nigeria’s inflation hits 20.77 percent, highest since 2005

By Uchechi Ojo October 18, 2022310 views

Nigeria’s inflation rate has surged for eight consecutive months, 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 per cent in September from 20.52 per cent recorded in August, the highest since 2005.

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

Uchechi Ojo

Uchechi Ojo, is a Lagos-born and based writer, newscaster and voice-over artist. A versatile and committed journalist with the yearning to make a difference in the industry. She writes balanced, informative and interesting stories. Uchechi has the ability to interact and listen with rapt attention, excellent time management and great communication skills while paying attention to detail. She is very approachable and a good team player. Instagram | LinkedIn