Nigeria’s inflation rises further to 21.09% in October

Nigeria’s inflation rises further to 21.09% in October 

Nigeria‘s headline inflation has risen to 21.09% according to the Consumer Price Index (CPI) report for the month of October.

Released Tuesday by the National Bureau of Statistics (NBS), there was an increase of 0.32%  from the 20.77%  recorded in September.

The data suggests that the headline inflation rate climbed by 5.09% in October 2022 as compared to the same month the year before (October 2021).

“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 when compared to the same month in the preceding year (i.e., October 2021) by 5.09%,” the report read.

The report added that “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%).

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

The year-on-year food inflation rate in October 2022 was 23.72% , an increase from the previous month’s rate of 23.34%.

“On a month-on-month basis, the food inflation rate in October was 1.23%, this was a 0.21% decline compared to the rate recorded in September 2022 (1.43%).

“This decline was attributed to the reduction in prices of some food items like Tubers, Palm oil, Maize, Beans, and Vegetables,” the report further stated.