Nigeria’s inflation rate has recorded a surge for the ninth straight month to 21.09 per cent in October 2022.
According to the National Bureau of Statistics (NBS), in its Consumer Price Index (CPI) report for October 2022.this comes amid soaring food prices.
Last month, the NBS said the inflation rate in September stood at 20.77 per cent.
On Tuesday, the report said that on a month-on-month basis, the headline inflation rate for October 2022 was 1.24 per cent, 0.11 percent lower than the rate recorded in September 2022 (1.36 per cent).
“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 in part,” the report said.
“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.”
Food inflation also surged to 23.72% in the review month from 23.34% in the previous month, while the core inflation rate rose to 17.76% from 17.6%.
According to the NBS, the possible factors responsible for the increase in the year-on-year index include disruption in the supply of food products, increase in the cost of importation due to the persistent currency depreciation, and the general increase in the cost of production e.g increase in energy cost.