The inflation rate in Nigeria reached a 17-year high of 21.09% in October 2022, an increase of 0.32% points from the 20.77% recorded last month.
The food inflation rate in October 2022 was 23.72%, compared to 18.34% in the corresponding Month last year.
In a Consumer Price Index, CPI report, the National Bureau of Statistics, NBS, said food inflation also rose highly 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.
“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 report said.
The NBS believe factors for the increase on a year-on-year basis are likely to be the disruption in the supply of food products, increase in the cost of importation due to the persistent currency depreciation and A general rise in the price of production e.g increase in energy cost.
The report further stated that in October 2022, the inflation rate on all items on a year-on-year basis was highest in Kogi (25.15%), Bauchi (23.45%), Ondo (23.45%), while Plateau (19.02%), Borno (19.31%) and Nasarawa (19.39%) scored the slowest rise in headline Year-on-Year inflation.
On a month-on-month basis, however, October 2022 recorded the highest increases in Abuja (3.18%), Kebbi (2.80%), Sokoto (2.57%), while Kwara (-0.14%), Kogi (0.06%) and Oyo (0.30%) recorded the slowest rise on month-on-month inflation.
Alleluia is the Assistant Editor and Content Writer at LagosPost.ng. She is a prolific writer and editor, she has written features and news stories on Lifestyle, Sports, Business, Politics and B2B marketing. She is also an event coordinator, host and social media content creator.
