Nigeria’s inflation rate rose to 21.09% in October 2022, the highest in over 19 years.
The National Bureau of Statistics (NBS) stated this in its Consumer Price Index (CPI) report published on Tuesday.
According to the report, the October inflation figure rose by 5.09% 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 when compared to the same month in the preceding year.
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However, there was a respite as the inflation figure, based on a month-on-month basis, was 1.24%, which was 0.11% lower than the rate recorded in September 2022 (1.36%).
For food inflation, NBS noted that in October 2022, it rose again and now stands at 23.72% on a year-on-year basis.
This is 5.39% higher compared to the rate recorded in October 2021 (18.34%).
Interestingly, On a month-on-month basis, the food inflation rate in October was 1.23%; this was a 0.21% decline compared to the rate recorded in September 2022 (1.43%).
This decline was attributed to the reduction in prices of some food items like tubers, palm oil, maize, beans, and vegetables.