Nigeria’s Inflation rate rises to 21.09

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The National Bureau of Statistics announced that Nigeria’s inflation rate rose to a 17-year high of 21.09% in October 2022.

This is a 0.32% point increase from 20.77% recorded in September.

The NBS made this known in its Consumer Price Index (CPI) report for October 2022 released on Tuesday, November 15.

The CPI measures the rate of change in prices of goods and services.

According to the NBS CPI report, food inflation also sharply rose to 23.72% in the Month under review from 23.34% in the prior Month, while the core inflation rate jumped to 17.76% from 17.6% recorded in September 2022.

The report read in part:

“In October 2022, on a year–on–year basis, the headline inflation rate was 21.09%. This was 5.09% points higher compared to the rate recorded in October 2021, which was 15.99%. This shows that the general price level for the headline inflation rate increased in October 2022 compared to the same Month in the preceding year (i.e., October 2021) by 5.09%.

“On a month-on-month basis, the Headline inflation rate for October 2022 was 1.24%, this was 0.11% lower than the rate recorded in September 2022 (1.36%). This means that in October 2022 the general price level for the headline inflation rate (Month–on–month basis) declined by 0.11%.

“The percentage change in the average CPI for the twelve months ending October 2022 over the average for the previous twelve months period was 17.86%, showing a 0.91% increase compared to the 16.96% recorded in October 2021.”

The food inflation rate in October 2022 was 23.72% on a year-on-year basis; which was 5.39% higher than the rate recorded in October 2021 (18.34%).

NBS attributed the rise in food inflation to an increase in the price of cereals and bread, potatoes, yams, and other food items.