Nigeria’s inflation has risen again said risen to 21.09% in October 2022 – the highest ever recorded.
This is according to the National Bureau of Statistics (NBS) price index (CPI) report for October 2022.
The 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.”
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 (i.e. October 2021) by 5.09 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 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 per cent, showing a 0.91 per cent increase compared to the 16.96 per cent recorded in October 2021