Nigeria’s Inflation Hits New 17 Year High Of 20.77%

National Bureau of Statistics(NBS) has announced that Nigeria’s inflation rate has hit new 17 year high of 20.77 percent.

According to data from the National Bureau of Statistics, inflation rose to 20.77 percent in September from 20.52 percent recorded in August.

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

The NBS made it known that the rising inflation rate was caused by soaring food prices, disruption in food supply chain, rise in import cost due to the currency depreciation, and increase in the cost of production.