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Nigeria’s inflation hits 21.09%

The consumer price index (CPI), which measures inflation rate, rose to 21.09 percent in October 2022, up from 20.77 percent in the previous month, according to latest figures from the National Bureau of Statistics (NBS).

The October figure indicates that the general price level for the headline inflation rate increased within the month when compared to the same month in the preceding year (October 2021) by 5.09 percent.

The NBS said this on Tuesday in its consumer price index (CPI) report for October 2022.

“On a month-on-month basis, the headline inflation rate for October 2022 was 1.24 percent, this was 0.11 percent lower than the rate recorded in September 2022 (1.36 percent). This means that in October 2022 the general price level for the headline inflation rate (month–on–month basis) declined by 0.11 percent,” the report said.

“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 percent, showing a 0.91 percent increase compared to the 16.96 percent recorded in October 2021.”

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