From Isaac Anumihe, Abuja
The upward movement of the inflation rate hit 21.09 per cent in October 2022 with food inflation contributing 23.72 per cent.
The rise in food inflation was caused by increases in prices of bread and cereals; food products, potatoes, yams and other tubers, oil and fat.
The September 2022 inflation rate was 20.77 per cent.
According to a statement obtained from the National Bureau of Statistics (NBS) website, the figure
was 5.09 per cent points higher compared to the rate recorded in October 2021, which was 15.99 per cent. This 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 (i.e., October 2021) by 5.09 per cent.
“On a month-on-month basis, the headline inflation rate for October 2022 was 1.24 per cent. This was 0.11 per cent lower than the rate recorded in September 2022 (1.36 per cent). This means that in October 2022 the general price level for the headline inflation rate (month–on–month basis) declined by 0.11 per cent.
“The percentage change in the average Consumer Price Index (CPI) for the twelve months ending October 2022 over the average of the CPI for the previous twelve months period was 17.86 per cent, showing a 0.91 per cent increase compared to the 16.96 per cent recorded in October 2021” the statement, noted.
Meanwhile, the food inflation rate in October 2022 was 23.72 per cent on a year-on-year basis; which was 5.39 per cent higher compared to the rate recorded in October 2021 (18.34 per cent).
On a month-on-month basis, the food inflation rate in October was 1.23 per cent. This was a 0.21 per cent decline compared to the rate recorded in September 2022 (1.43 per cent). This decline, according to the report, was attributed to the reduction in prices of some food items like tubers, palm oil, maize, beans, and vegetables.
“The average annual rate of food inflation for the twelve months ending October 2022 was
19.83 per cent, which was a 0.92 per cent points decline from the average annual rate of change record” the report, said.