National Bureau of Statistics (NBS) says Nigeria’s headline inflation rate rose to 21.09 per cent year-on-year basis in October 2022, according to the Consumer Price Index (CPI) and Inflation Report released in Abuja on Wednesday.
According to the report, the figure is 5.09 per cent points higher compared to 15.99 per cent recorded in October 2021.
“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.
“Meaning that in October 2022, the general price level was 5.09 per cent higher relative to October 2021.’’
According to the report, factors responsible for the increase in annual inflation rate include disruption in the supply of food products.
It said other factors were increased in import cost due to the persistent currency depreciation and a general increase in the cost of production such as the increase in energy cost.
The report said on a month-on-month basis, the headline inflation rate in October 2022 was 1.24 per cent, which was 0.11 per cent lower than the rate recorded in September 2022 at 1.36 per cent.
“This means that in October 2022, the general price level for the headline inflation rate on a month–on–month basis declined by 0.11 per cent.”
According to the report, the factor responsible for the decline in the monthly inflation rate is a decline in the current month’s food index relative to the reference month index, which is due to the harvest season.
The report said 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
“This indicates a 0.91 per cent increase compared to the 16.96 per cent recorded in October 2021.”
It said increases were recorded in all Classification of Individual Consumption by Purpose (COICOP) divisions that yielded the headline index.