As the nation struggles with skyrocketing food prices, Nigeria’s inflation rate has increased from 20.77% in September 2022 to 21.09% in October 2022.

In its October Consumer Price Index (CPI) report, the National Bureau of Statistics (NBS) disclosed this on Tuesday, stating that food inflation increased from 23.34% in September 2022 to 23.72% in October 2022.

The CPI calculates how quickly prices for goods and services are changing.

The headline inflation rate for October 2022 was 1.24 percent on a month-over-month basis, which was 0.11 percent less than the rate of 1.36 percent in September 2022. This indicates that the headline inflation rate’s general price level decreased by 0.11 percent on a month-over-month basis in October 2022, according to the study.

“When comparing the average CPI for the twelve months ending in October 2022 to the average for the preceding twelve months, the percentage change was 17.86%, indicating a 0.91 percent increase over the 16.96% recorded in October 2021.”

The Bureau claims that among other factors, rising food prices, high energy expenses, and importation costs were to blame for the increased inflation rate.

“Compared to October 2021, when it was measured at 16.52 percent, the urban inflation rate in October 2022 was 21.63 percent, 5.11 percent higher year over year. According to the data, the urban inflation rate in October 2022 was 1.33 percent on a month-over-month basis, which was 0.12% lower than the rate in September 2022 (1.46%).