- The rate at which the prices of goods and services are increasing has reached a new high
- The latest data from the National Bureau of Statistics shows inflation figures are now at a 16-year-high in July
- While most Nigerians are feeling the pinch, inflation is worst in Akwa Ibom, Ebonyi states
The National Bureau of Statistics (NBS) has revealed that Nigeria’s inflation rate surged to 21.09% in October 2022, the highest level on record.
NBS stated this in its Consumer Price Index (CPI) report published on Tuesday, 15 November 2022.
According to the report, the October inflation figure rose by 5.09% compared to the rate recorded in October 2021, which was 15.99%.
Credit: NBS
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This shows that the general price level for the headline inflation rate increased in October 2022 when compared to the same month in the preceding year.
However, there was a respite as the inflation figure, based on a month-on-month basis, was 1.24%, which was 0.11% lower than the rate recorded in September 2022 (1.36%), Punch reports.
Impact of the inflation
One significant challenge the new inflation rate could bring will be the pressure on the apex bank to increase interest rates again, which could mean loans are set to become expensive.
Furthermore, the value of what Nigerians’ salaries can buy has also significantly dropped.
Urban and rural inflation
NBS also, in its report, revealed that the urban inflation rate stood at 21.63%, which is 5.11% higher compared to the 16.52% recorded in October 2021.
While the rural inflation rate in October 2022 was 20.57% on a year-on-year basis, this was 5.09% higher than the 15.48% recorded in October 2021.
For food inflation, NBS noted that in October 2022, it rose again and now stands at 23.72% on a year-on-year basis.
This is 5.39% higher compared to the rate recorded in October 2021 (18.34%).
Interestingly, On a month-on-month basis, the food inflation rate in October was 1.23%; this was a 0.21% decline compared to the rate recorded in September 2022 (1.43%).
This decline was attributed to the price reduction of some food items like Tubers, Palm oil, Maize, Beans, and Vegetables.
States with the highest inflation rate
- Kogi- 25.15%
- Bauchi- 23.45
- Osun- 23.45
- Bayelsa – 23.09%
- Rivers -23.05%
States with the highest food inflation rate
- Kwara – 30.79%
- Kogi – 28.74%
- Imo – 28.64%
- Ebonyi -27.67%
- Ondo -26.69%
Mr Macaroni laments hard life in Nigeria
TopLatestNews previously reported that the not-so-friendly economy got to Nigerian celebrities voicing how they feel.
Popular comedian Mr Macaroni, who seemed to be getting loads of people asking him for giveaways, voiced out about the calls.
The funnyman declared that anyone who asked him to do a giveaway during this period might be after his life. Nigerians reacted differently to his post.
Source: TopLatestNews
