November 15, (THEWILL) – The National Bureau of Statistics (NBS), in its Consumer Price Index (CPI) report on Tuesday, said that Nigeria’s inflation rate surged to 20.09% in October 2022, representing a 0.32% point increase from 20.77% recorded in September.
According to the Bureau, food inflation in October 2022 increased to 23.72% from 18.34% in the corresponding Month last year.
“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%.
“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″, the report said.
The report listed the likely factors for the increase on a year-on-year basis as: “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”.
The Bureau stated that 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.
On a month-on-month basis, October 2022, 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 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%).
NBS 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.
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