Nigeria’s inflation rate hits 21.09%



Nigeria’s inflation rate rose to a 17-year high of 21.09% in October 2022, the National Bureau of Statistics said.


This is a 0.32% point increase from 20.77% recorded in September.


The NBS made this known in its Consumer Price Index (CPI) report for October 2022 released on Tuesday, Nov. 15.


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


According to the NBS CPI report, food inflation also sharply rose 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.


The report reads: “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…

Source: Linda Ikeji