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How Nigeria’s inflation rate hits 21.09 percent October 2022: NBS

*The National Bureau of Statistics attributes possible factors for the inflation rate to disruption in food supplies, increased cost of importation due to Naira depreciation, and persistent rise in production costs, especially cost of energy

*Food inflation due to increases in prices of cereals and bread, potatoes, yams, and other staple food items

Isola Moses | ConsumerConnect

The National Bureau of Statistics (NBS), in its Consumer Price Index (CPI) report released Tuesday, November 15, 2022, said that Nigeria’s inflation rate increased to 20.09 percent October this year.

This represents a 0.32 percent point increase from 20.77 recorded September 2022.

ConsumerConnect reports the NBS noted that food inflation October rose to 23.72 percent from 18.34 percent in the corresponding month 2021.

Food items in Nigerian market

The regulatory agency stated: “In October 2022, on a year-on-year basis, the headline inflation rate was 21.09%.

“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, compared to the same month in the preceding year (i.e., October 2021) by 5.09%.”

The report also indicated 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 for the previous twelve months period was 17.86%, showing a 0.91% increase compared to the 16.96% recorded in October 2021.”

Factors inducing inflationary rate

The Bureau, in the report, listed the likely factors for the increase on a year-on-year basis.

These it stated include “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 e.g increase in energy cost.”

In October 2022, the inflation rate on all items on a year-on-year basis was extremely high in Kogi (25.15%), Bauchi (23.45%), Ondo (23.45%), while Plateau (19.02%), Borno (19.31%) and Nasarawa (19.39%) scored the slowest rise in headline Year-on-Year inflation, said the report.

The NBS as well said on a month-on-month basis, October recorded the highest increases in Abuja (3.18%), Kebbi (2.80%), Sokoto (2.57%), while Kwara (-0.14%), Kogi (0.06%) and Oyo (0.30%) recorded the slowest rise on month-on-month inflation.

Food inflation

The food inflation rate in the country October 2022 was 23.72% on a year-on-year basis, which was 5.39% higher than the rate recorded in October 2021 (18.34%).

The Bureau has attributed the rise in food inflation to an increase in the price of cereals and bread, potatoes, yams, and other food items.

In October month-on-Month basis, the food inflation stood at 1.23%, a 0.21% decline compared to the rate recorded in September 2022 (1.43%).

This decline was attributed to decreased prices of selected foods such as beans, tubers, palm oil and vegetables, the NBS noted.

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