Food Price Surge As Nigeria’s Inflation Rate Climbs to 27.33% in October 2023

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).”

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