Nigeria’s Inflation Rate Hits 27.33%

Nigeria’s headline inflation rate for October skyrocketed to 27.33 percent from 26.72 percent recorded in September.

The latest figure marks the 10th consecutive rise in the country’s inflation rate this year.

The National Bureau of Statistics (NBS) disclosed this in its Consumer Price Index report released on Wednesday stating that “The consumer price index (CPI), which measures the rate of change in prices of goods and services, rose to 27.33 percent in October 2023, up from 26.72 percent in the previous month.”

The 27.33 percent October 2023 headline inflation rate represents of 0.61 percent points increase compared to the September 2023 headline inflation rate.

Furthermore, the NBS said on a year-on-year basis, the headline inflation rate was 6.24 percent points higher compared to the rate recorded in October 2022, which was 21.09 percent, indicating that the headline inflation rate, year-on-year basis, increased in October 2023 when compared to the same month in the preceding year of October 2022.

According to the NBS, Nigeria’s urban inflation stood at 29.29 percent while rural inflation was 25.58 percent.

Also, the NBS stated that food inflation increased to 31.52 percent, showing 7.80 points higher when compared with 23.72 percent recorded in October 2022.

… Details later