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 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.

NBS explained that the accelerating inflation rate was likely caused by soaring food prices, disruption in the supply of food products, rise in import cost due to the persistent currency depreciation and general increase in the cost of production.

The report also said food inflation rose to 23.34 percent in the review month, an uptick compared to the 23.12 percent recorded in the preceding month.

The rise in the food index, NBS said, was caused by increases in prices of bread and cereals, food products, potatoes, yam and other tuber, oil and fat.