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%.