The inflation rate in Nigeria rose to 21.09 per cent in October from 20.77 per cent recorded in September 2022 amidst soaring food prices.
The National Bureau of Statistics (NBS), which released the data on Tuesday said that food Inflation rose to 23.72 per cent in October 2022, from 23.34 per cent in September 2022.
In its Consumer Price Index (CPI) report, which measures the rate of change in prices of goods and services, the NBS said, “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 means that in October 2022 the general price level for the headline inflation rate (month–on–month basis) declined by 0.11 per cent.”
Details later…
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