JUST IN: Nigeria’s Inflation Rate Rises to 21.09 Percent

The Consumer Price Index (CPI), which measures the rate of change in prices of goods and services, increased to 21.09 percent in October 2022.

This represents a significant rise from 20.77 percent in September.

The development 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 (October 2021) by 5.09 percent.

The National Bureau of Statistics (NBS) made this known on Tuesday in its CPI report for October 2022.

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‘On a month-on-month basis, the headline inflation rate for October 2022 was 1.24 percent, this was 0.11 percent lower than the rate recorded in September 2022 (1.36 percent). This means that in October 2022 the general price level for the headline inflation rate (month–on–month basis) declined by 0.11 percent,” the report read in part.

“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 percent, showing a 0.91 percent increase compared to the 16.96 percent recorded in October 2021.”