Nigeria inflation surges amid high food, energy prices

Nigeria’s inflation rate rose for the ninth straight month to 21.09 per cent in October 2022 on the back of soaring food prices, the National Bureau of Statistics (NBS) said Tuesday.

The NBS made this known in its Consumer Price Index (CPI) report for October 2022.

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.”

The NBS also said that food Inflation was 23.72% in October, surging from 23.34% recorded in September.

The report said the rising inflation rate was recorded on the back of skyrocketed energy cost, surging food prices, among other concerns within the domestic markets.

“On a year-on-year basis, in October 2022, the urban inflation rate was 21.63 percent, 5.11 percent higher compared to the 16.52 percent recorded in October 2021,’ the NBS said.

“On a month-on-month basis, the urban inflation rate was 1.33 percent in October 2022, this was a 0.12 percent decline compared to September 2022 (1.46%).”

The high rate of inflation was recorded as Nigerians across the country battled the ripple effects of flooding disasters that submerged homes, disrupted businesses and killed many.