Nigeria’s health inflation rate rose to an all-time high of 17.4% in October 2022. This is according to the Consumer price index report recently published by the National Bureau of Statistics.
The health index rose by 17.4% compared with that of 2021, a 0.5% point increase from 16.9% recorded in the previous month. This is also the highest rate recorded since February 2009, according to Nairametrics.
The health index of the CPI is simply the index used in measuring the changes in the cost of health services in the country.
The NBS, in determining the health index, uses the nationwide cost of Pharmaceutical products, medical services, dental services, hospital services, and paramedical services to measure health inflation.
Recall that Nigeria’s inflation rate rose to a 17-year high of 21.09% in October 2022, marking a 0.32% point increase from 20.77% recorded in September.
A major factor for the persistent rise would be that, Nigeria has been unable to effectively address the country’s numerous public health challenges which have led to the weakness of its health system.
The costs of goods and services in the country increase every day as well as the cost of health care since the Covid 19 pandemic.
Hospitals also, now need to spend more in procuring medical equipment from outside the country.
