Nigeria’s inflation rate increased by 0.32% points from the previous month’s 20.77% to reach a 17-year high of 21.09% in October 2022.
This occurs when food inflation rose to 23.72% in October 2022 from 18.34% in the equivalent Month the previous year.
This information was revealed on Monday in a Consumer Price Index, or CPI, report from the National Bureau of Statistics, or NBS.
The core inflation rate increased to 17.76% from 17.6% in September 2022, while food inflation skyrocketed to 23.72% in the month under review from 23.34% in the preceding month.
“In October 2022, the headline inflation rate was 21.09% on an annual basis.
Compared to the rate that was 15.99% in October 2021, this was 5.09% points higher.
This demonstrates that the headline inflation rate increased by 5.09% in October 2022 as compared to the same Month the year prior (i.e., October 2021).
“The headline inflation rate for October 2022 was 1.24%, 0.11% less than the rate seen in September 2022 (1.36%), on a month-over-month basis.
This indicates that on a monthly basis in October 2022, the overall price level for the headline inflation rate decreased by 0.11%.
According to the study, “the average CPI for the 12 months ending in October 2022 above the average for the preceding 12 months period was 17.86%, representing a 0.91% rise over the 16.96% reported in October 2021.”
The disruption in the supply of agricultural goods, the rise in import costs as a result of the ongoing currency depreciation, and a general increase in production costs, such as the cost of energy, are the likely causes of the increase on an annual basis, according to NBS.
The NBS reported that in October 2022, Kogi (25.15%), Bauchi (23.45%), and Ondo (23.45%) had the highest rates of year-over-year inflation for all goods, while Plateau (19.02%), Borno (19.31%), and Nasarawa (19.39%) had the lowest rates.
However, on a month-over-month basis, October 2022 saw the biggest gains in Abuja (3.18%), Kebbi (2.80%), and Sokoto (2.57%), while the slowest increases were seen in Kwara (-0.14%), Kogi (0.06%), and Oyo (0.30%).
Food Price Growth
The annualized rate of food inflation in October 2022 was 23.72%, which was 5.39% higher than the rate seen in October 2021 (18.34%).
The price of cereals, bread, potatoes, yams, and other food products had increased, according to NBS, which was the cause of the rise in food inflation.
Food inflation was 1.23% on a month-over-month basis in October, which is 0.21% lower than the rate of September 2022 (1.43%). This fall was linked to lower costs for a few food items, including vegetables, palm oil, legumes, and tubers.
