Nigeria’s inflation rate hits 21.09% as food prices rise

 

Nigeria’s inflation rate has jumped from 20.77% in September 2022 to 21.09% in October 2022 as the country battles with soaring food prices.

The National Bureau of Statistics (NBS) revealed this on Tuesday in its Consumer Price Index (CPI) report for October, noting that food inflation was 23.72% in October 2022, from 23.34% in September 2022.

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

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

“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 per cent, showing a 0.91 per cent increase compared to the 16.96 per cent recorded in October 2021.”

According to the Bureau, the rising inflate rate was caused by importation costs, high energy costs, and surging food prices among others.

“On a year-on-year basis, in October 2022, the urban inflation rate was 21.63 per cent, 5.11 per cent higher compared to the 16.52 per cent recorded in October 2021. On a month-on-month basis, the urban inflation rate was 1.33 per cent in October 2022, this was a 0.12 per cent decline compared to September 2022 (1.46%),” the report added.