Nigeria Inflation October 2022


Nigeria: Inflation soars to over 17-year high in October

November 18, 2022

Inflation accelerated to 21.1% in October from 20.8% in September. The result represented the strongest inflation rate since September 2005. Looking at the details of the release, the pickup was chiefly driven by stronger increases in prices for food and non-alcoholic beverages, as well as for housing, water, electricity and gas.

Consequently, the trend pointed up; annual average inflation rose to 17.9% in October, up from the prior month’s 17.4%. Meanwhile, core inflation also increased, coming in at 17.8% in October (September: 17.6%).

Lastly, consume prices rose 1.24% month on month in October, a softer increase than September’s 1.36%.

FocusEconomics Consensus Forecast panelists expect inflation to average 17.1% in 2023, which is up 0.7 percentage points from last month’s forecast. In 2024, inflation is seen averaging 12.8%.


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Nigeria Inflation Chart

Nigeria Inflation October 2022

Note: Month-on-month and year-on-year changes of consumer price index in %.
Source: National Bureau of Statistics (NBS) and FocusEconomics calculations.

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