Inflation Rate Hits 21.09% As Food Prices Skyrocket 

Inflation rate in Nigeria rose from 20.77percent in September 2022 to 21.09 percent in October 2022, while food prices soared, according to the National Bureau of Statistics (NBS).
NBS also said food Inflation was 23.72 percent in October 2022, from 23.34 percent in September 2022.
Making this known in its October edition of Consumer Price Index (CPI) report, which measures the rate of change in prices of goods and services, the NBS looked at inflation on a monthly basis.
“On a month-on-month basis, the headline inflation rate for October 2022 was 1.24 percent, this was 0.11 percent lower than the rate recorded in September 2022 (1.36 percent).
“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 stated.
It continued that “the percentage change in the average CPI for the 12 months ending October 2022 over the average of the CPI for the previous 12 months period was 17.86 percent, showing a 0.91 percent increase compared to the 16.96 percent recorded in October 2021.”
The NBS blamed the rising inflate rate on such factors as importation cost, high energy cost, and surging food prices.
“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.
“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 percent), it stated further.