Nigeria’s Inflation Maintains Upward Push in October at 21.09%

Nigeria’s Inflation Maintains Upward Push in October at 21.09%

By Chuks Emele

Nigeria’s annual inflation rose for the eight consecutive month in October to 21.09 percent as general price pressures persisted, according to the National Bureau of Statistics.

“This was 5.09 percentage points higher compared to the rate recorded in October 2021, which was 15.99 percent” the agency said in the report released on its website. “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.”

Compared to the preceding month, headline inflation rate for October stood at 1.24 percent, a bigger spike than the 0.11 percent recorded in September.

Price increases were observed in all the baskets that make up the consumer price index, according to the statistics agency’s report.

Among the factors responsible for a higher inflation rate, the statistics agency cited disruptions to national food supply largely due to widespread insecurity, higher importation costs due to naira depreciation and higher production costs due mainly to increased costs of energy.