Inflation rate in Nigeria reached 27.33% during October

On Wednesday, the National Bureau of Statistics reported that in October, Nigeria’s inflation rate rose to 27.33 percent.

Compared to the previous month’s number of 26.72 percent, this is an increase of 0.61 percentage points.

“In October 2023, the headline inflation rate increased to 27.33 percent relative to the headline inflation rate in September 2023, which was 26.72 percent,” the NBS stated in its Consumer Price Index (October 2023) released on Wednesday.

Read Also: Nigeria’s headline inflation increased in September to 26.72%

Observing the change, the headline inflation rate for October 2023 increased by 0.61 percentage points from September 2023 to October 2023.

Furthermore, compared to the rate reported in October 2022 of 21.09 percent, the headline inflation rate increased by 6.24 percentage points year over year. This demonstrates that, in comparison to the same month in the previous year (October 2022)…, the headline inflation rate increased in October 2023 (year over year).

Food and nonalcoholic drinks, housing, water, electricity, gas, and other fuel, clothing and footwear, transportation, furnishings, home equipment, and upkeep were all significant factors in the rise in inflation.

The withdrawal of petrol subsidies and the depreciation of the official exchange rate have been blamed for the ongoing increase in inflation.

In its most recent annual projection, KPMG estimated that the elimination of fuel subsidies and the unification of the foreign exchange market will drive Nigeria’s headline inflation to reach 30% by December 2023.