Nigeria’s inflation surges to 21.09% amid soaring food prices - Naijarecent
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Nigeria’s inflation surges to 21.09% amid soaring food prices

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The consumer price index (CPI) surged to 21.09 percent in October 2022, a new report by National Bureau of Statistics (NBS) has shown.

The CPI is up from 20.77 percent in the previous month, September.

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

The development 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.

The information is contained in the NBS CPI report for October 2022 which was released on Tuesday

‘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). 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 reads.

“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.”

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