Finance

Nigeria’s inflation jumps to 21.09% in October

Inflation rate: Nigeria doing better than other African countries – CBN

In October 2022, on a year–on–year basis, the headline inflation rate rose to 21.09 per cent, according to figures that were released by the National Bureau of Statistics (NBS).

That was 5.09 per cent points higher compared to the rate recorded in October 2021, which was 15.99 per cent, the NBS disclosed in the data that was released on Tuesday.

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On a month-on-month basis, the headline inflation rate for October 2022 was 1.24 per cent, this was 0.11 per cent lower than the rate recorded in September 2022 (1.36 per cent).

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.

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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.

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