Nigeria’s inflation rises further to 21.09% in October 2022

Nigeria‘s headline inflation has risen to 21.09 per cent according to the Consumer Price Index (CPI) report for the month of October.
Released Tuesday by the National Bureau of Statistics (NBS), there was an increase of 0.32 per cent from the 20.77 per cent recorded in September.
The data suggests that the headline inflation rate climbed by 5.09 per cent in October 2022 as compared to the same month the year before (October 2021).
“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 when compared to the same month in the preceding year (i.e., October 2021) by 5.09%,” the report read.
The report added 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%).
“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.”
The year-on-year food inflation rate in October 2022 was 23.72 per cent, an increase from the previous month’s rate of 23.34 per cent.
“On a month-on-month basis, the food inflation rate in October was 1.23%, this was a 0.21% decline compared to the rate recorded in September 2022 (1.43%).
“This decline was attributed to the reduction in prices of some food items like Tubers, Palm oil, Maize, Beans, and Vegetables,” the report further stated.
We have recently deactivated our website's comment provider in favour of other channels of distribution and commentary. We encourage you to join the conversation on our stories via our Facebook, Twitter and other social media pages.
More from Peoples Gazette

Agriculture
FG tasks ECOWAS on leveraging financing strategies for agroecology
The federal government has urged stakeholders in the agriculture and finance sectors in the West Africa region to leverage financing strategies to enhance agroecology practices

Politics
Katsina youths pledge to deliver over 2 million votes to Atiku
“Katsina State is Atiku’s political base because it is his second home.”

Politics
2027: Group asks ADC, Atiku to drop Amaechi as vice-presidential candidate
The group accused Mr Amaechi of desperation, saying that he lacked the grassroots strength required to win the election.
![Jens Spahn. [PHOTO CREDIT: ZDF]](https://gazettengr.com/wp-content/uploads/Jens-Spahn.jpg)
Heading 4
German lawmaker resigns after backlash for welcoming child through surrogacy
The 46-year-old politician and his party, the Christian Democratic Union (CDU), had backed a ban on surrogacy.

Lagos
Troops nab six suspects in Lagos oil bunkering raid, dismantle site
Mr Yahaya said items recovered during the operation included four drums, two of which contained suspected illegally refined petroleum products.

States
Gov. Yahaya swears in 23 commissioners, 13 aides
Mr Yahaya also urged the appointees to implement policies and deliver good governance during the remaining period of his tenure.

States
Adamawa ADC governorship candidate pledges agricultural reform, improved security
He described Adamawa as an agrarian state with immense potential for economic growth and food security.

Lagos
Lagos lawmaker empowers 60 Apapa residents with fish farming equipment
Mr Adedayo said the initiative was designed to create sustainable livelihoods, enhance food security and improve residents’ economic well-being.





