Nigeria’s Inflation Hits 20.77 Percent, Highest Since 2005

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. <br />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. <br />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.