Inflation Increases to 20.77%

The Consumer Price Index (CPI) which measures the rate of change in prices of goods rose to 20.77 per cent year–on-year in September compared to 16.63 per cent in September 2021, the National Bureau of Statistics (NBS) stated Monday.

The NBS noted that the 4.14 percentage rise in the headline index, the highest in 17 years, indicated that the general price level was higher relative to the preceding year.

The food inflation rate increased by 3.77 per cent to 23.34 per cent year-on-year compared to 19.57 per cent in the preceding year.

According to the statistical agency, the rise in food index was caused by increases in prices of bread and cereals, food products, potatoes, yam, and other tuber, oil, and fat.

The core index, which excludes the prices of volatile agricultural produce, also rose by 3.86 per cent to 17.60 per cent year-on-year in September compared to 13.74 per cent in the corresponding month in 2021.