Nigeria’s inflation rises amid high food, energy prices – NBS
Nigeria’s inflation rate rose to 21.09 per cent in October 2022 on the back of soaring food prices, the National Bureau of Statistics (NBS) said Tuesday.
The NBS disclosed this in its Consumer Price Index (CPI) report for October 2022.
Last month, the NBS said the inflation rate in September stood at 20.77 per cent.
On Tuesday, the report said that on a month-on-month basis, the headline inflation rate for October 2022 was 1.24 per cent, 0.11 per cent lower than the rate recorded in September 2022 (1.36 per cent).
“This means that in October 2022 the general price level for the headline inflation rate (month–on–month basis) declined by 0.11 per cent,” the report read in part.
“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 per cent, showing a 0.91 per cent increase compared to the 16.96 per cent recorded in October 2021.”
The NBS also said that food inflation was 23.72% in October, surging from 23.34% recorded in September.
The report said the rising inflation rate was recorded on the back of skyrocketed energy costs, surging food prices, among other concerns within the domestic markets.
“On a year-on-year basis, in October 2022, the urban inflation rate was 21.63 per cent, 5.11 per cent higher compared to the 16.52 per cent recorded in October 2021,” the NBS said.
“On a month-on-month basis, the urban inflation rate was 1.33 per cent in October 2022, this was a 0.12 per cent decline compared to September 2022 (1.46%).”
The rate of inflation keeps rising even as Nigerians across the country battle the ripple effects of flooding disasters that submerged homes, killed many and also disrupted businesses.
Follow the Neptune Prime channel on WhatsApp: https://whatsapp.com/channel/0029Va74ZvU2v1IqKByXoX3d
Do you have breaking news, interview request, opinion, suggestion, or want your event covered? Email us at neptuneprime2233@gmail.com
