Nigeria’s Inflation Rises to 21.09%

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The consumer price index (CPI), which gauges how quickly prices for goods and services fluctuate, increased to 21. 09 percent in October 2022 from 20.77 percent the month before.

“Urban inflation was 21.63 percent in October 2022 on an annual basis, which was 5.11 percent more than the 16. 52 percent seen in October 2021.

According to the survey, price hikes in food items including oil, lard, bread, cereal, potatoes, yams, and other tubers are to blame for the surge in food inflation.

“For the twelve months ending in October 2022, the average annual rate of food inflation was 19.83 percent, which was a reduction of 0.92 percentage points from the average annual rate of change reported in October 2021 (20.75 percent).”


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