Inflation in Nigeria soars by 15.99%

The Consumer Price Index, (CPI) which measures inflation increased by 15.99 percent (year-on-year) in October 2021.

According to the National Bureau of Statistics (NBS) in its October inflation report stated that it is 1.76 percent points higher than the rate recorded in October 2020 (14.23) percent.

Increases were recorded in all COICOP divisions that yielded the Headline index.

On month-on-month basis, the Headline index increased by 0.98 percent in October 2021, this is 0.17 percent rate lower than the rate recorded in September 2021 (1.15) percent.

The percentage change in the average composite CPI for the twelve months period ending October 2021 over the average of the CPI for the previous twelve months period was 16.96 percent, showing 0.13.