According to the latest National Bureau of Statistics report, Nigeria’s inflation rate increased to 21.09 percent in October 2022, up from 20.77 percent the previous month.
According to the National Bureau of Statistics Consumer Price Index report, on a month-on-month basis, the headline inflation rate for October rose by 1.24 percent; this was 0.11 percent lower than the rate recorded in September 2022. This means that in period under review the general price level for the headline inflation rate on month–on–month basis declined by 0.11 percent.
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The report also shows that food inflation rate rose to 23.72 percent on annual basis, a 5.39 percent higher compared to the rate recorded in October 2021.
The rise in food inflation was caused by increases in prices of bread and cereals, food products, potatoes, yams and other tubers, oil and fat.
“On a year-on-year basis, in October 2022, the urban inflation rate was 21.63 percent, 5.11 percent higher compared to the 16.52 percent recorded in October 2021. On a month-on-month basis, the urban inflation rate was 1.33 percent in October 2022, this was a 0.12 percent decline compared to September 2022 (1.46%),” according to the NBS