The inflation rate in Nigeria surged to 21.09% in October from 20.77% in September.
According to the latest consumer price index (CPI) report by the National Bureau of Statistics (NBS), CPI increased by 1.24% month-on-month, compared to a 1.36% increase in the previous month.
"On a month-on-month basis, the headline inflation rate moderated to 1.24% compared to 1.36% recorded in the previous month, but higher than the 0.98% recorded in the corresponding period of 2021. The increase in the composite index was due to increases in the core and food inflation rate in the period under review."
NBS revealed that on a month-on-month basis, the food inflation rate in October was 1.23%, this was a 0.21% fall compared to the rate recorded in September 2022 (1.43%).
The report also revealed that "the highest increases were recorded in prices of Gas, Liquid fuel, Passenger transport by Air, Solid fuel, and vehicle spare parts.
Food Inflation Rate by States
Looking at the rate of food inflation on a year-on-year basis according to states, the report revealed that Kogi State with 25.15% was the highest.
Bauchi/Ondo followed with 23.45% and Bayelsa with 23.09%, while Plateau (19.02), Borno (19.31%), and Nasarawa (19.39%) recorded the slowest rise on year-on-year food inflation."
However, on a month-on-month basis, "October 2022 food inflation was highest in FCT (3.18%), Kebbi (2.80%), and Sokoto (2.57%), while Kwara (-0.14%), Kogi (0.06%) and Oyo (0.30%) recorded the slowest rise on month-on-month inflation," the report said.
