Nigeria’s inflation hits 20.77%, food supply, FX crises worsen

Nigeria’s Inflation hit a new high of 20.77 per cent in September as food supply, foreign exchange crisis, and increases in import costs worsened, according to the National Bureau of Statistics.

In August, the nation’s inflation rose to 17 year high of 20.52 per cent which has now been broken by September’s figure.

The statistics body disclosed this in its ‘Consumer Price Index’ report which was released on Monday. It listed the likely factors for the increase in inflation year-on-year as the disruption in the supply of food products, increase in import cost due to the persistent currency depreciation, and general increase in the cost of production.

It said, “Likely factors responsible for the decline in the monthly inflation rate (Month-on-month basis). “Over the past two months, there has been a decline in headline inflation on a month-on-month basis due to a decline in the changes in the food index relative to the reference month index which is due to the present harvest season.

“Likely factors responsible for the increase in annual inflation rate (year-on-year basis). Disruption in the supply of food products. “Increase in import cost due to the persistent currency depreciation. General increase in the cost of production.”

the authorAV1 NEWS

Leave a Reply