Wednesday, 16 November 2022 06:29

Nigeria’s inflation rate rose again in October 2022 – NBS

Rate this item
(0 votes)

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.



March 02, 2024

Shareholders funds wiped out as MTN Nigeria suffers N740bn loss on massive Naira devaluation

MTN Nigeria Plc has reported a loss before tax of N177.8 billion compared to a…
February 26, 2024

Afenifere opposes curtailing Yorubas’ right to protest against Tinubu's harsh economic policies

PRESS RELEASE Afenifere has distanced itself from the call by some renegade Afenifere members for…
March 02, 2024

I’ll tell you the secret of cancer - Caitlin Flanagan

It’s been almost 20 years since my diagnosis, and I’ve learned quite a bit. Are…
March 02, 2024

Man tries to hide stolen horse in his third-floor apartment

A 19-year-old man faces three months to five years in prison for stealing a horse…
March 01, 2024

Gunmen abduct 23 persons from Abuja community

A former Ward Chairman of the Peoples Democratic Party in the Federal Capital Territory, Alhassan…
March 02, 2024

What to know after Day 737 of Russia-Ukraine war

RUSSIAN PERSPECTIVE CIA has ‘many bases’ in Ukraine – FSB boss The CIA has “many”…
February 23, 2024

WhatsApp launches 4 new text formatting options including bulleted lists and block quotes - here's…

WhatsApp has launched four new text formatting options today These are bulleted lists, numbered lists,…
March 02, 2024

Super Eagles coach Peseiro leaves at end of contract

Nigeria's Portuguese coach Jose Peseiro said on Friday he had left the job only weeks…

NEWSSCROLL TEAM: 'Sina Kawonise: Publisher/Editor-in-Chief; Prof Wale Are Olaitan: Editorial Consultant; Femi Kawonise: Head, Production & Administration; Afolabi Ajibola: IT Manager;
Contact Us: [email protected] Tel/WhatsApp: +234 811 395 4049

Copyright © 2015 - 2024 NewsScroll. All rights reserved.