
16/11/2022
Nigeria has recorded its highest inflation rate in 17 years as the consumer price index (CPI), which measures the rate of change in prices of goods and services, surged to 21.09% in October 2022, up from 20.77% recorded last month.
The National Bureau of Statistics (NBS) in its report on Tuesday, November 15, said: “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.