In the latest October 2023 Consumer Price Index (CPI) and Inflation Report released by the National Bureau of Statistics (NBS) on Wednesday, Nigeria’s inflation rate has surged to 27.33%. The report attributes the continued increase in food prices to the removal of the petrol subsidy by President Bola Tinubu.
The CPI, a gauge of changes in the prices of goods and services, witnessed an ascent from 26.72% to 27.33%, indicating a 0.61% points increase.
According to the NBS CPI report, “In October 2023, the headline inflation rate increased to 27.33% relative to the September 2023 headline inflation rate which was 26.72%. 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).”
