Nigeria’s inflation rate jumped to a 17-year high of 21.09% in October 2022, representing a 0.32% point increase from 20.77% recorded last month.
This is coming as food inflation in October 2022 increased to 23.72% from 18.34% in the corresponding Month last year.
Newsmen learnt this on Monday in a National Bureau of Statistics, NBS, Consumer Price Index, CPI report.
According to the report, food inflation also sharply rose to 23.72% in the Month under review from 23.34% in the prior Month, while the core inflation rate jumped to 17.76% from 17.6% recorded in September 2022.
“In October 2022, on a year–on–year basis, the headline inflation rate was 21.09%. This was 5.09% points higher compared to the rate recorded in October 2021, which was 15.99%. This shows that the general price level for the headline inflation rate increased in October 2022 compared to the same Month in the preceding year (i.e., October 2021) by 5.09%.
Oladipo Atinuke Sherifat popularly known as arikeokin 100, she is an Award winning Writer, On Air Personality, Community Developer, an enthusiast in writing journalistic beats, and editorial.
At the same time she volunteered in developing the community radio at KwaraPoly Radio.
She holds a Diploma in Mass Communication from a reputable higher institution in Nigeria and is currently a correspondent at Satcom Media.