In October 2023, Nigeria experienced a surge in its inflation rate, reaching 27.33%, primarily attributed to the rising prices of food items following the removal of the fuel subsidy by the administration of President Bola Tinubu.
The National Bureau of Statistics (NBS) released this information in the October 2023 Consumer Price Index (CPI) and Inflation Report on Wednesday.
The CPI, a gauge of changes in goods and services prices, saw a 0.61% point increase, rising from 26.72% in September 2023 to 27.33% in October 2023.
“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).”
