Nigeria’s Inflation Rate Hits 27.33% Amid Rising Food Prices

Nigeria’s inflation rate soared to 27.33% in October 2023, as food prices continue to rise in the aftermath of the President Bola Tinubu administration’s elimination of fuel subsidies.

The National Bureau of Statistics (NBS) released the October 2023 Consumer Price Index (CPI) and Inflation Report on Wednesday.

The CPI, which measures changes in the prices of goods and services, increased by 0.61% points from 26.72% to 27.33%.

“In October 2023, the headline inflation rate increased to 27.33% relative to the September 2023 headline inflation rate which was 26.72%,” the report partly read.

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

“Furthermore, on a year-on-year basis, the headline inflation rate was 6.24% points higher compared to the rate recorded in October 2022, which was (21.09%).

“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).”

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