EBS in Africa

Economic Updates

Inflation Rate by Oyekunle Adesiyan

The inflation rate after peaking at 18.2% in March 2021, has continued to decelerate. The inflation rate for October 2021, is 16.6%. Hopefully consumers actually see all these statistics reflected in the prices they are paying for goods and services. As we know inflation is the increase in the general level of prices of goods and services.

Specifically, the price of cooking gas of 12.5kg has increased over 50% from March 2021 to October 2021. The price of Garri, a local food produced from cassava, is up 6.8% over the same period.

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