The headline inflation rate rose to 21.09% in October 2022, on a year–on–year basis, This was 5.09% points higher compared to the rate recorded in October 2021, which was 15.99%, the National Bureau of Statistics said in a report.
NBS said that the disruption in the supply of food product, increase in cost of importation due to the persistent currency depreciation and a general increase in the cost of production e.g increase in energy cost were behind the rise in inflation.
On a month-on-month basis, the Headline inflation rate for October 2022 was 1.24%, this was 0.11% lower than the rate recorded in September 2022 (1.36%).
The percentage change in the average CPI for the twelve months ending October 2022 over the average of the CPI for the previous twelve months period was 17.86%, showing a 0.91% increase compared to the 16.96% recorded in October 2021. The increases were recorded in all COICOP divisions that yielded the Headline index, according to the report.
The food inflation rate in October 2022 was 23.72% on a year-on-year basis; which was 5.39% higher compared to the rate recorded in October 2021 (18.34%). The rise in food inflation was caused by increases in prices of bread and cereals, food products n.e.c, potatoes, yams and other tubers, oil and fat.
The ‘’All items less farm produce’’ or Core inflation, which excludes the prices of volatile agricultural produce stood at 17.76% in October 2022 on a year-on-year basis; up by 4.52% when compared to 13.24% recorded in October 2021.
The highest increases were recorded in prices of gas, liquid fuel, passenger transport by air, solid fuel, and vehicles spare parts.
In October 2022, all items inflation rate on a year-on-year basis was highest in Kogi (25.15%), Bauchi (23.45%), Ondo (23.45%), while Plateau (19.02%), Borno (19.31%) and Nasarawa (19.39%) recorded the slowest rise in headline Year-on-Year inflation, according to the report.
Ifunanya Ikueze is an Engineer, Safety Professional, Writer, Investor, Entrepreneur and Educator.