Business
Nigeria’s inflation hits 21.09% in October, highest in 17yrs
Nigeria has recorded its highest inflation rate in 17 years as the consumer price index (CPI), which measures the rate of change in prices of goods and services, surged to 21.09% in October 2022, up from 20.77% recorded last month.
The development shows that the general price level for the headline inflation rate increased in October 2022 when compared to the same month in the preceding year (October 2021) by 5.09 percent.
The National Bureau of Statistics (NBS) in its report on Tuesday, November 15, said: “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.
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