Nigeria’s inflation hits 21.09% as food inflation rises to 23.72% in October

Nigeria’s headline inflation rate rose to 21.09% in October 2022, 5.09% points higher than the rate recorded in October 2021, which was 15.99%.

Meanwhile, the food inflation rate in October 2022 was 23.72% on a year-on-year basis; which was 5.39% higher than the rate recorded in October 2021 (18.34%)

This was stated in the CPI and Inflation Report October 2022 published by the National Bureau of Statistics (NBS) on Tuesday (November 15, 2022).

According to the report; “This shows that the general price level for the headline inflation rate increased in October 2022 when 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 of the CPI for the previous twelve months period was 17.86%, showing a 0.91% increase compared to the 16.96% recorded in October 2021. “

NBS attributed the rise in food inflation to an increase in the price of cereals and bread, potatoes, yams, and other food items.

In October month-on-Month basis food inflation stood at 1.23%, a 0.21% decline compared to the rate recorded in September 2022 (1.43%). This decline was attributed to decreased prices of selected food such as beans, tubers, palm oil and vegetables.

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