Report published by the National Bureau of Statistics has revealed that Nigeria’s inflation rate rose from 20.77% in September 2022 to 21.09% in October 2022
According to NBS, food Inflation was 23.72% in October 2022, from 23.34% in September 2022.
“On a month-on-month basis, the headline inflation rate for October 2022 was 1.24 percent, this was 0.11 percent lower than the rate recorded in September 2022 (1.36 percent).
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 percentage change in the average CPI ( Consumer Price Index ) 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