BREAKING: Nigeria’s inflation rate hits 21.09% in October 2022

• Nigeria’s inflation rate hits 21.09% in October
• What to Do With The Naira as Inflation Rate Jumps to 21.o9%

Nigeria’s inflation rate increased by 0.32% points from the 20.77% reported in September to a new 17-year high of 21.09% in October 2022.

According to the National Bureau of Statistics report on the Consumer Price Index (CPI) (NBS).

While the core inflation rate increased to 17.76% from 17.6%, food inflation also increased to 23.72% in the review month from 23.34% in the preceding month.

The NBS claims that rises in the cost of bread and cereals, food items, potatoes, yams, and other tubers, as well as oil and fat, are to blame for the rise in the food inflation rate.

The prices of gas, liquid fuel, air travel for passengers, solid fuel, and auto components, on the other hand, saw the biggest increases in the core basket.

What to Do With The Naira as Inflation Rate Jumps to 21.09%

In the previous eight years, the value of the Nigerian naira has decreased by more than 164.62%. As a result, someone earning ₦200k ($1212) a month in 2014 would have gotten more for his money than someone earning ₦400k ($917) in 2022. Learning how to control inflation in Nigeria is crucial given this situation.

One of the main causes of currencies losing value is inflation, which is the overall increase in the cost of goods and services over time. This results in a reduction in consumer spending ability and an increase in the cost of living. Accordingly, if your shopping budget in 2021 was 30,000 Naira ($74), you would likely need to increase it to 32,200 Naira ($74) to buy the same items at the official exchange rate of the dollar to the naira at the time of writing.

Some investors have already shied away from investing in the largest frontier market of the country due to its surging inflation and a lack of high-yielding investment opportunities. This increase in the price of goods and services places a high priority on the risk that investors face.

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