Highest since 2005! Nigeria’s inflation hits 20.77%

The country’s inflation rate has increased for the eight consecutive month, hitting a fresh 17-year-high amid rising food and energy costs, and the continued depreciation of the naira.

Data from the National Bureau of Statistics, revealed that inflation rose to 20.77 percent in September from 20.52 percent recorded in August, the highest since 2005.

Food inflation rose 23.34 per cent year-on-year compared with 23.1 per cent 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.