Nigeria’s National Bureau of Statistics is set to release Consumer Price Index and inflation data for September on Thursday, October 15.
Last month, Africa’s most populous country’s inflation rate climbed to 13.22%, the highest recorded in about two and half years. The figure was about 0.4% points higher than the rate recorded in July 2020 (12.82%). Food Inflation stood at 16% in August compared to 15.48% in July 2020.
Nigeria’s inflation rate is still higher than the Central Bank’s target range of 6% to 9%. While addressing the media after the Central Bank’s monetary policy committee meeting, CBN Governor Godwin Emefiele said the major drivers of inflation are disruption to global and domestic supply chains as a result of COVID-19 pandemic, increase in Value Added Tax (VAT), exchange rate adjustment, and seasonal food supply shocks due to the onset of the farming season and other structural bottlenecks.
Ghana’s statistics office will release the country’s inflation data a day before, on Wednesday, October 14.
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