Annual inflation rose to 21.09% in October 2022, 5.09% points higher compared to the October 2021, the Nigerian National Bureau of Statistics (NBS) has said.
On a month-on-month basis, the headline inflation rate for October 2022 was 1.24%, 0.11% lower than the rate recorded in September 2022 (1.36%).
According to NBS, some of the factors possibly causing the increase in annual inflation include:
- Disruption in the supply of food products
- Increase in cost of importation due to the persistent currency depreciation
- A general increase in the cost of production e.g increase in energy cost
The food inflation rate in October 2022 was 23.72% on a year-on-year basis; which was 5.39% higher compared to the rate recorded in October 2021 (18.34%).
The rise in food inflation was caused by increases in prices of bread and cereals, food products, potatoes, yams, and other tubers, oil, and fat.
On a month-on-month basis, the food inflation rate in October was 1.23%, 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.
Core inflation, which excludes the prices of volatile agricultural produce, stood at 17.76% in October 2022 on a year-on-year basis; up by 4.52% when compared to 13.24% recorded in October 2021.
The highest increases were recorded in prices of gas, liquid fuel, passenger transport by air, solid fuel, and vehicle spare parts.
The annual urban inflation rate was 21.63%, 5.11% higher compared to the 16.52% recorded in October 2021.
Rural inflation was 20.57% 5.09% higher compared to the 15.48% recorded in October 2021.
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