The consumer price index (CPI), which measures the rate of change in prices of goods and services, surged to 20.77 percent in September 2022, up from 20.52 percent in the previous month.
The National Bureau of Statistics (NBS) said this on Monday in its consumer price index (CPI) report for September 2022.
The figure represents the highest rate recorded since September 2005.
The bureau said the rate is 4.14 percent points higher compared to 16.63 percent recorded in September 2021, indicating an increase (year-on-year) in September 2022.
The report said,“On a month-on-month basis, the headline inflation rate in September 2022 was 1.36 percent, this was 0.41 percent lower than the rate recorded in August 2022 (1.77 percent).
“This means that in the month of September 2022, the headline inflation rate (month–on–month basis) declined by
0.41 percent, relative to August 2022.
“The percentage change in the average CPI for the twelve month period ending September 2022 over the average of the CPI for the previous twelve month period was 17.43 percent, showing a 0.60 percent increase compared to 16.83 percent recorded in September 2021.”