Nigeria’s new inflation rate for October 2022 which is at 21.09 percent will be the highest in 17 years, according to the National Bureau of Statistics (NBS).
The rate increased by 0.32 percent from 20.77% recorded in September 2022.
Food inflation also surged to 23.72% in the review month from 23.34% in the previous month, while the core inflation rate rose to 17.76% from 17.6%.
According to the NBS, the rise in the food inflation rate was caused by increases in prices of bread and cereals, food products, potatoes, yams and other tubers, and oil and fat.
On the other hand, the highest increases in the core basket were recorded in prices of gas, liquid fuel, passenger transport by air, solid fuel, and vehicles spare parts.
More details to follow…
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