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Nigeria’s inflation rate jumps to a 17-year high of 21.09% in October

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Nigeria’s inflation rate jumped to a 17-year high of 21.09% in October 2022, up 0.32% from 20.77% the previous month.

This comes as food inflation in October 2022 rose to 23.72% from 18.34% in the same month last year.

This was revealed in a National Bureau of Statistics, NBS, Consumer Price Index, CPI report on Monday.

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According to the report, food inflation increased sharply to 23.72% in the current month from 23.34% the previous month, while core inflation increased to 17.76% from 17.6% in September 2022.

“The headline inflation rate in October 2022 was 21.09% year on year.” This was 5.09% points higher than the rate in October 2021, which was 15.99%. This demonstrates that the general price level for the headline inflation rate increased by 5.09% in October 2022 compared to the same month the previous year (i.e., October 2021).

“The headline inflation rate for October 2022 was 1.24%, which was 0.11% lower than the rate recorded in September 2022 (1.36%).” This means that the general price level for the headline inflation rate (on a monthly basis) fell by 0.11% in October 2022.

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