The National Bureau of Statistics on Tuesday disclosed that Nigeria’s inflation rate rose from 20.77% in September to 21.09% in October 2022.
According to its data titled: “CPI and Inflation Report October 2022,” this was 5.09% points higher compared to the rate recorded in October 2021, which was 15.99%.
The NBS said it 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%.
On a month-on-month basis, said the Bureau, the Headline inflation rate for October 2022 was 1.24%, this was 0.11% lower than the rate recorded in September 2022 (1.36%).
It noted that this means that in October 2022 the general price level for the headline inflation rate (month–on–month basis) declined by 0.11%.
The document said 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.