By John Ikani
The consumer price index (CPI), which measures the rate of change in prices of goods and services, surged to 21.09 percent in October 2022, up from 20.77 percent in the previous month.
This is according to the CPI report released by the National Bureau of Statistics (NBS).
According to the report, the October inflation figure rose by 5.09% compared to the rate recorded in October 2021, which was 15.99%.
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%).
What the NBS is saying
“On a month-on-month basis, the headline inflation rate for October 2022 was 1.24 percent, this was 0.11 percent lower than the rate recorded in September 2022 (1.36 percent). This means that in October 2022 the general price level for the headline inflation rate (month–on–month basis) declined by 0.11 percent,” the report in part.
“The percentage change in the average CPI for the twelve months ending October 2022 over the average of the CPI for the previous twelve months period was 17.86 percent, showing a 0.91 percent increase compared to the 16.96 percent recorded in October 2021.”
The NBS blamed the rising inflate rate on importation cost, high energy cost, surging food prics amongst others.
“On a year-on-year basis, in October 2022, the urban inflation rate was 21.63 percent, 5.11 percent higher compared to the 16.52 percent recorded in October 2021. On a month-on-month basis, the urban inflation rate was 1.33 percent in October 2022, this was a 0.12 percent decline compared to September 2022 (1.46%).”
