The National Bureau of Statistics (NBS) in Nigeria says headline inflation rate in the country rose to 21.09% in October 2022,
on a year–on–year basis.
The NBS said this was 5.09% points higher compared to the rate recorded in October 2021, which was 15.99%.
“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%,” the NBS CPI and Inflation report for October 2022 stated.
Thw report added that 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,” the report added.
