Nigeria’s inflation stood an almost 17-year high as the price of goods and services surged further by 20.77 percent in the month of September 2022 from 20.55 percent recorded in August.
This was according to the National Bureau of Statistics (NBS) Consumer Price Index (CPI) report released on Monday, October 17, 2022.
The report showed that Nigeria’s CPI rose by 20.77% year-on-year in September 2022, up from 20.52% recorded in the previous month.
On a month-on-month basis, the index rose by 1.36% compared to the 1.77% increase recorded in the previous month.
It was gathered that the urban inflation rate stood at 21.25% in September 2022 from 17.19% recorded in the corresponding period of 2021, while rural inflation stood at 20.32%.
The increase in the country’s inflation comes after the Central Bank of Nigeria (CBN) Monetary Policy Committee increased the interest rate to 15.5 percent for the third consecutive increase in 2022 to tame the surging inflation.
With the new development, the apex bank will likely increase the interest rate again going by CBN governor Godwin Emefiele words which says; “as far as inflation continues to reign upward, the MPC will always hike rates to tame the pressure on citizens.
The monetary policy rate (MPR) is the baseline interest rate in an economy, every other interest rate used within an economy is built on it.
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