Nigeria: Inflation rate for October hits 27.33%
The National Bureau of Statistics, NBS, said Nigeria’s headline inflation rate for October rose to 27.33 percent from 26.72 percent recorded in September.
This is the 10th consecutive rise in the country’s inflation rate this year.
This was disclosed via the Consumer Price Index report released on Wednesday.
According to the release, “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.”
The NBS also put the headline inflation rate at 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 compared to the same month in the preceding year of October 2022.
Nigeria’s urban inflation stood at 29.29 percent, while rural inflation was 25.58 percent in review period.
In the same vein, food inflation increased to 31.52 percent, showing 7.80 points higher when compared with 23.72 percent recorded in October 2022.