Nigeria’s health inflation rate rose to a record high of 17.4% in October 2022. This is according to the CPI report recently released by the National Bureau of Statistics (NBS).
The health index rose by 17.4% year-on-year in October, a 0.5% point increase from 16.9% recorded in the previous month. This is also the highest rate recorded since February 2009, thirteen years ago.
The health index of the CPI is an index used in measuring the changes in the cost of health services in the country.
For the record: Nairametrics had earlier reported that Nigeria’s inflation rate accelerated to a new 17-year high of 21.09% in October 2022, marking a 0.32% point increase from 20.77% recorded in September.
The context: to determine the index, the NBS uses the cost of Pharmaceutical products, medical services, dental services, hospital services, and paramedical services to measure health inflation.
Health Challenges: Nigeria has been unable to effectively address the country’s numerous public health challenges which have led to the weakness of its health system.
While the costs of goods and services in the country appreciate every day, the cost of health care isn’t left out since the Covid 19 pandemic.
The cost of most medical equipment used by hospitals was also affected by the volatility in the Forex market as hospitals now need to spend more in procuring these pieces of equipment outside the country.
