Inflation is at 21.09%, while food prices are rising Rapidly
Nigeria’s inflation rate rose from 20.77% in September 2022 to 21.09% in October 2022 due to soaring food prices, the National Bureau of Statistics (NBS) has said.
The Bureau also stated that food inflation was 23.72% in October 2022, from 23.34% in September 2022.
The NBS made this clear in its October 2022 Consumer Price Index (CPI) report released yesterday.
The CPI measures the rate at which prices for goods and services change.
On a monthly basis, the total inflation rate for October 2022 was 1.24%, 0.11% less 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 percent,” the report in part.
The percentage change in the average CPI for the 12 months ending October 2022 over the average of the CPI for the previous 12 months period was 17.86 percent, showing a 0.91 percent increase compared to the 16.96 percent recorded in October 2021.”
The BSN attributed the increase in the rate of inflation to the cost of imports, the high cost of energy, the spike in food prices, among other things. On a year-on-year basis, in October 2022, the urban inflation rate was 21.63 percent, 5.11 percent higher compared to the 16.52 percent recorded in October 2021. Month over month, urban inflation stood at 1.33% in October 2022, down 0.12% from 1.46% in September 2022.
Inflation is at 21.09%, while food prices are rising sharply.