The National Bureau of Statistics (NBS) said on Monday that the composite price index showed that Nigeria’s inflation rate increased to 20.77% in the month of September 2022.
According to the study, the annualized headline inflation rate increased to 20.77% in September 2022.
This rate was 4.14% points higher than the rate of 16.63% reported in September 2021, according to the agency.
Nigeria’s inflation has been on an increasing spree in the last 6 years, conflicting with the Central Bank’s objective of maintaining single-digit inflation. It is looking practically impossible to reverse inflation from the double-digit it is today to a single digit.
Data from the National Bureau of Statistics (NBS) reveals that the last time Nigeria witnessed single-digit inflation was in January of 2016, with its headline rate pegged at 9.62 percent. This was before President Muhammadu Buhari assumed office.
Although the CBN had on a few occasions expressed hope that the country could speedily recover and achieve a single-digit inflation rate.