October 2022 Inflation Rate Increase To 21.09%, Highest In 17years – NBS Report

The National Bureau of Statistics (NBS), has said that inflation rate in the month of October increased to 21.09% as against the 20.77% recorded in September, 2022.

This was as it said that Urban and Rural inflation rose to 21.63% and 20.57% YoY respectively.

The latest NBS Inflation rate figure which was contained in its statement issued on November 15, 2022, noted that the increase was the highest in 17years.

It further said that the increase recorded in September 2022 representing a percentage increase of 0.32% was as a result of the increase in disruption in the supply of food products, increase in import cost due to the persistent currency depreciation, general increase in the cost of production as well as insecurities in the food-producing States in Nigeria.

The NBS report states; “On a month-on-month basis, the Headline index was 1.24% in October 2022, which is 0.12% points lower than the rate recorded in September 2022 (1.36%).

“The Composite Food Index also rose by 38bps to print 23.72% in October 2022 from 23.34% in October 2022. The rise in the food index was caused by increases in the prices of Bread and cereals, Potatoes, Yam and other tubers, Vegetables, Beans, Oils and fats.

“Likewise, ‘the All Items less Farm Produce’ or Core inflation, which excludes the prices of volatile agricultural produce went up by 16bps to 17.76% from 17.60% in September 2022.

“Inflation in the month of October is expected to rise further as we continue to witness rising prices across the world, rising pressure on the naira, Insecurities coupled with the high demand over the Festive season,” it said.

Please click here to view the complete report from NBS for more information