NBS: Nigeria’s inflation hits 21.09% in October
Written by Olarotimi Oshin on November 15, 2022
Nigeria’s inflation rate jumped to a 17-year high of 21.09% in October 2022, representing a 0.32% point increase from 20.77% recorded last month.
According to the National Bureau of Statistics report, food inflation also sharply rose to 23.72% in the Month under review from 23.34% in the prior month, while the core inflation rate jumped to 17.76% from 17.6% recorded in September 2022.
According to NBS the likely factors for the increase on a year-on-year basis are: Disruption in the supply of food products, increase in the cost of importation due to the persistent currency depreciation and a general rise in the price of production such as increase in energy cost.