By Munachimso Obienyi
Nigeria’s inflation rate accelerated to a new 17-year high of 21.09 per cent in October 2022, marking a 0.32 per cent points increase from 20.77 per cent recorded in September.
This is according to the Consumer Price Index (CPI) report released by the National Bureau of Statistics (NBS).
Food inflation also surged to 23.72 per cent in the review month from 23.34 per cent in the previous month, while the core inflation rate rose to 17.76 per cent from 17.6 per cent.
According to the NBS, the rise in the food inflation rate was caused by increases in prices of bread and cereals, food products, potatoes, yams and other tubers, and oil and fat.
On the other hand, the highest increases in the core basket were recorded in prices of gas, liquid fuel, passenger transport by air, solid fuel, and vehicles spare parts.
