The National Bureau of Statistics (NBS) on Tuesday reported that Nigeria’s Consumer Price Index (CPI) which measures the rate of change in prices of goods and services, also known as inflation, surged to 21.09% year-on-year in October, up from 20.77 percent recorded in the previous month.
The Bureau, in its ‘Consumer Price Index (CPI) Report for October 2022’, reported that the latest inflation rate was 5.09 percent points higher compared to the 15.99 percent rate recorded in the corresponding month of last year.
The agency, however, reported that on a month-on-month basis, the headline inflation rate for October 2022 was 1.24 percent, representing 0.11 percent lower than the 1.36 percent rate recorded in September 2022.
It clarified: “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 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 Bureau added.
According to the NBS, the increases were recorded in all classification of individual consumption by purpose (COICOP) divisions that yielded the Headline index.
An analysis of the CPI report for the month under review on urban inflation basis indicated that on a year-on-year basis, the urban inflation rate was 21.63%, this was 5.11% higher compared to the 16.52% recorded in October 2021.
It further reported that however, on a month-on-month basis, the urban inflation rate was 1.33% in October 2022, this was a 0.12% decline compared to September 2022 (1.46%) while the corresponding twelve-month average for the urban inflation rate was 18.38% in October 2022. This was 0.85% higher compared to the 17.53% reported in October 2021.
In addition, the NBS reported: “The rural inflation rate in October 2022 was 20.57% on a year-on-year basis; this was 5.09% higher compared to the 15.48% recorded in October 2021.
“On a month-on-month basis, the rural inflation rate in October 2022 was 1.16%, which was down by 0.11% compared to September 2022 (1.27%). The corresponding twelve-month average for the rural inflation rate in October 2022 was 17.38%. This was 0.98% higher compared to the 16.39% recorded in October 2021”, it added.
