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Nigeria’s inflation rises to 21.09%

By Dennis Erezi
15 November 2022   |   12:12 pm
The National Bureau of Statistics (NBS) on Thursday said Nigeria's inflation has risen to 21.09%. NBS in its consumer price index (CPI) report for October 2022 disclosed that the consumer price index (CPI), which measures the rate of change in prices of goods and services, surged to 21.09 percent in October 2022, up from 20.77…

Commuters scramble for space in a bus despite the high cost of transportation in Lagos, Nigeria, on April 20, 2021. – Nigeria’s economy was already struggling with a fall in the price of oil, Nigeria’s major export, and a weak local naira currency, before the global pandemic struck.<br />Now Nigeria’s inflation has soared to a four-year high of more than 18 percent in March 2021, with food prices up 22.9 percent, according to the National Bureau of Statistics. (Photo by PIUS UTOMI EKPEI / AFP)

The National Bureau of Statistics (NBS) on Thursday said Nigeria’s inflation has risen to 21.09%.

NBS in its consumer price index (CPI) report for October 2022 disclosed that the consumer price index (CPI), which measures the rate of change in prices of goods and services, surged to 21.09 percent in October 2022, up from 20.77 percent in the previous month.

“On a month-on-month basis, the headline inflation rate for October 2022 was 1.24 percent, this was 0.11 percent lower than the rate recorded in September 2022 (1.36 percent),” NBS said in the report.

“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 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 percent, showing a 0.91 percent increase compared to the 16.96 percent recorded in October 2021.”

The latest figure 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 (October 2021) by 5.09 percent.