Inlation – Tech | Business | Economy https://techeconomy.ng Tech | Business | Economy Tue, 18 Oct 2022 05:08:34 +0000 en-GB hourly 1 https://wordpress.org/?v=7.0 https://techeconomy.ng/wp-content/uploads/2025/06/cropped-256Px-32x32.png Inlation – Tech | Business | Economy https://techeconomy.ng 32 32 NBS says Inflation Hits 20.77% in September https://techeconomy.ng/nbs-says-inflation-hits-20-77-in-september/ https://techeconomy.ng/nbs-says-inflation-hits-20-77-in-september/#comments Tue, 18 Oct 2022 05:08:34 +0000 https://techeconomy.ng/?p=86551 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.

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