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Nigeria’s annual inflation rate rose to 27.33 per cent in October from 26.72 per cent in the previous month, the National Bureau of Statistics (NBS) said Wednesday.
The statistics office said the October 2023 headline inflation rate showed an increase of 0.61 per cent 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 per cent 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),” it said.
According to the report, the food inflation rate in October quickened to 31.52 per cent on a year-on-year basis, which was 7.80 per cent points higher compared to the rate recorded in October 2022 (23.72 per cent).
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