Home Business Nigeria’s inflation hit 27.33% in October

Nigeria’s inflation hit 27.33% in October

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The National Bureau of Statistics, NBS, on Wednesday disclosed that Nigeria’s inflation rate surged to 27.33 per cent in October.

This is according to its Consumer Price Index (October 2023) showing that there was a 0.61 increment compared to the 26.72 per cent recorded in September.

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.

“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).”

The inflation majorly affected food and non-alcoholic beverages, housing, water, electricity gas and other fuel, clothing and footwear, transport, furnishings and household equipment and maintenance.

Inflation has continued to rise due to the removal of petrol subsidies and the devaluation of the official exchange rate.

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