The National Bureau of Statistics (NBS) announced on Tuesday in Abuja that Nigeria recorded an inflation rate of 21.9 percent for the month of October 2022, up from 20,77% in September 2022.
The NBS said in its monthly report of Consumer Price Index (CPI), which measures inflation, that the inflation rate for October 2022 was 5.09% points higher compared to the rate recorded in October 2021, which was 15.99%.
It added that the general price level for the headline inflation rate increased in October 2022, when compared to the same month in the preceding year by 5.09%.
“On a month-on-month basis, the Headline inflation rate for October 2022 was 1.24%, this was 0.11% lower than the rate recorded in September 2022 (1.36%).
“This means that in October 2022 the general price level for the headline inflation rate (month–on–month basis) declined by 0.11%.
“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%, showing a 0.91% increase compared to the 16.96% recorded in October 2021,”
According to the report, increases were recorded in all COICOP divisions that yielded the Headline index.
It explained that over the past three months, there has been a decline in headline inflation on a month-on-month basis due to a decline in the changes in the food index relative to the reference month index and that this can be due to the present harvesting season.
The NBS also blamed the rising inflate rate on importation cost, high energy cost and surging food prices.
“On a year-on-year basis, in October 2022, the urban inflation rate was 21.63 percent, 5.11 percent higher compared to the 16.52 percent recorded in October 2021. On a month-on-month basis, the urban inflation rate was 1.33 percent in October 2022, this was a 0.12 percent decline compared to September 2022 (1.46%),” the NBS added.
GIK/APA