Again, Nigeria’s inflation rate goes up, now 27.33%

Nigeria’s inflation rate continued its upward journey as the latest report from the National Bureau of Statistics (NBS) showed that it surged to 27.33 per cent in October.

The report, released on Wednesday, showed a 0.61 percentage point increase from the 26.72 per cent that was recorded in September.

In the Consumer Price Index (October 2023), the NBS stated: “In October 2023, the headline inflation rate increased to 27.33 per cent relative to the September 2023 headline inflation rate which was 26.72 per cent.

“Looking at the movement, the October 2023 headline inflation rate showed an increase of 0.61 percentage points when compared to the September 2023 headline inflation rate.

READ ALSO:Nigeria’s inflation rate may hit 30% by December 2023 —KPMG

“Furthermore, on a year-on-year basis, the headline inflation rate was 6.24 percentage points higher compared to the rate recorded in October 2022, which was (21.09 per cent). This shows that the headline inflation rate (year-on-year basis) increased in October 2023 when compared to the same month in the preceding year (i.e., October 2022).”

According to the report, major contributors to the increase in inflation were food and non-alcoholic beverages, housing, water, electricity, gas and other fuel, clothing and footwear, transport, and furnishings and household equipment and maintenance.

It will be recalled that the steady rise in inflation in the country has been attributed to the removal of petrol subsidies and the devaluation of the official exchange rate.

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