The National Bureau of Statistics (NBS) at the mid of November released the Consumer Price Index (CPI) which measures inflation rate in the Country for the month of October 2022.
According to the CPI data, the Nigerian Headline Inflation witnessed an upward pressure in October as it rose by 21.09% year-on-year (y/y), representing 31bps higher than 20.77% reported in September. Markedly, this is the eight consecutive month of upward pressure on the headline inflation number.
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