Nigeria’s inflation rate increased as the nation contends with skyrocketing food costs, rising from 20.77% in September 2022 to 21.09% in October 2022.
This information was made public on Tuesday by the National Bureau of Statistics (NBS), which noted that food inflation increased to 23.72% in October 2022 from 23.34% in September 2022 in its Consumer Price Index (CPI) report for October.
The CPI calculates how quickly prices for goods and services fluctuate.
“The headline inflation rate for October 2022 was 1.24%, which was 0.114% lower than the rate reported in September 2022, on a month-over-month basis (1.36 per cent).
Accordingly, the overall price level for the headline inflation rate (on a monthly basis) decreased by 0.11 percent in October 2022, according to the data.
“The average CPI for the 12 months ending in October 2022 changed by 17.86% over the average for the 12 months prior, representing an increase of 0.9% over the 16.96% reported in October 2021,” according to the report.
The Bureau claims that among other things, rising food prices, high import expenses, and high energy costs are to blame for the growing inflation rate.
“On an annual basis, the urban inflation rate in October 2022 was 21.63 percent, which was 5.11 percent more than the 16.52 percent reported in October 2021.
Urban inflation was 1.33 percent on a monthly basis in October 2022, down 0.12 percent from September 2022 (1.46%), according to the data.
