People shop at Cherries Hypermarket on the eve of Christmas during the coronavirus disease outbreak in Abuja, Nigeria December 24, 2020. /Afolabi SotundePeople shop at Cherries Hypermarket on the eve of Christmas during the coronavirus disease outbreak in Abuja, Nigeria December 24, 2020. /Afolabi Sotunde
The National Bureau of Statistics attributed the rise in price levels in October to food supply disruptions, import cost hikes due to currency depreciation and a rise in production costs. Central Bank Governor Godwin Emefiele switched in May from loose monetary policy to support weak economic growth to a tight policy after inflation hit its highest level since 2005.
“We expect the headline rate to keep rising into the early months of 2023,” Virag Forizs, emerging markets economist at Capital Economics, said.