Nigeria's inflation hits 27.33% In October - NBS

In October, Nigeria experienced a rise in headline inflation, with the rate increasing to 27.33%, up from the 26.72% recorded in September, according to the Consumer Price Index report released by the National Bureau of Statistics on Wednesday.

This 0.61% increase from the previous month indicates a continuous upward trend in the inflation rate. On a year-on-year basis, the October 2023 headline inflation rate was 6.24% higher than that recorded in October 2022, standing at 21.09%.

This signifies a notable escalation in the headline inflation rate when comparing the same month across the two years.

Urban inflation in Nigeria reached 29.29%, while rural inflation was slightly lower at 25.58%. Additionally, food inflation experienced a significant uptick, rising to 31.52%, marking a 7.80-point increase compared to the 23.72% recorded in October 2022.

Remarkably, this marks the 10th occurrence of inflation escalation in Nigeria throughout 2023.

Despite efforts to curb inflation through successive increases in the Monetary Policy Rate (MPR) by the Central Bank of Nigeria’s Monetary Policy Committee, inflation has persisted.

Notably, in July, following the 292nd meeting, the MPR was elevated to 18.5% as a measure to address the rising inflationary pressures. However, several months later, the inflationary surge remains unabated.