Breaking: Inflation Rises to 21.09%

James Emejo in Abuja

The Consumer Price Index (CPI) which measures the change in prices of goods, increased to 21.09 per cent year on year in October compared to 15.09 per cent in October 2021,  the National Bureau of Statistics (NBS) said Tuesday.

Month-on-month, the headline inflation rate for October was 1.24 per cent, which was  0.11 per cent lower than the 1.36 per cent  recorded in September.

Food inflation increased to 23.72 per cent year-on-year which was 5.39 per cent higher compared to 18.34 per cent in October 2021.

Core inflation which excludes the prices of volatile agricultural produce stood at 17.76 per cent,  up by 4.52 per cent when compared to 13.24 per cent in October 2021.  

On a month-on-month basis, the core inflation rate was 0.93 per cent in October compared to 1.59 per cent in September.

Details later…