Nigeria’s inflation rate has surged for the eighth consecutive month, hitting a fresh 17-year-high amid rising food and energy costs, and the continued depreciation of the naira.
The National Bureau of Statistics says inflation rose to 20.77 per cent in September from 20.52 per cent 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 per cent in September from 17.2 per cent in August.