Nigeria’s inflation hits 27.33% amid rice in prices of food Nigeria’s annual inflation rate rose to 27.33% in October from 26.72% in the previous month.

NBS Logo

This was disclosed by the National Bureau of Statistics, NBS, in its Consumer Price Index, CPI report for September, released on Wednesday, 15th November 2023.

The latest figure marks the tenth consecutive rise in the country’s inflation rate this year.

The NBS revealed that compared to September 2023, October’s headline inflation rate increased by 0.61 percentage points,

According to the statistics office said the October 2023 headline inflation rate showed an increase of 0.61% points when compared to the September 2023 headline inflation rate.

The NBS said 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.

National Bureau of Statistics

According to the report, the food inflation rate in October quickened to 31.52 % on a year-on-year basis, which was 7.80% points higher compared to the rate recorded in October 2022 23.72%.