The inflation rate in Nigeria has peaked to 14.23%. Raising concerns among Nigerians and experts even as the nation approaches the yuletide season.
Following recent statistics released by the NBS (Nigerian Bureau of Statistics) on Monday, which showed the inflation rate has increased by about 0.52 percent. Compared to what was recorded in The preceding month.
The hike in food prices and other forms of individual consumption in the country had further added to the increased inflation rate which hit 14.23% in October.
The NBS stated, “the consumer price index, which measures inflation rate increases by 14.23% in October ( year-on-year). Increasing by about 0.52 percent compared to what was recorded in September 2020 (13.71%)”.
Experts have stated that the continuous close of Nigeria’s borders, coupled with the persistent hike in petrol prices have contributed in worsening the situation.
