Nigeria’s inflation has hits 21.09%, indicating the highest the country recorded in the last 19 years.
According to the National Bureau of Statistics (NBS), which stated this in its Consumer Price Index (CPI) report published on Tuesday, November 15, 2022, the October inflation figure rose by 5.09% compared to the rate recorded in October 2021, which was 15.99%.
This development 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.
There was, however, 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%).
More to follow…