Nigeria’s Inflation Surges To 27.33% 

Abuja, Nigeria–  The National Bureau of Statistics (NBS) on Wednesday said that Nigeria’s inflation rate for October 2023 has spiked to 27.33 percent.

The headline inflation rate increased by 6.24 points on a year-on-year basis, surpassing the October 2022 rate of 21.09 percent.

According to the NBS, the surge in food inflation can be attributed to elevated prices of essential items such as bread and cereals, oil and fat, potatoes, yam, and other tubers, fish, fruit, meat, vegetables, as well as milk, cheese, and eggs.

“The increase in the headline index for October 2023 was attributed to the increase in some items in the basket of goods and services at the divisional level.

“These increases were observed in Food and non-alcoholic Beverages (14.16%), Housing, Water, Electricity, Gas & other Fuel (4.57%), Clothing and footwear (2.09%), Transport (1.78%), Furnishings and household Equipment and maintenance (1.37%), Education (1.08%) and Health (0.82%). Others are Miscellaneous Goods & Services (0.45%), Restaurants & Hotels (0.33%), Alcoholic Beverages, Tobacco & Kola (0.30%), Recreation & Culture (0.19%) and Communication (0.19).

“However, on a month-on-month basis, the Food inflation rate in October 2023 was 1.91%. This was 0.54% lower compared to the rate recorded in September 2023 (2.45%). The decline in food inflation was caused by a decrease in the average prices of Fruits, oil and fat, coffee, tea and cocoa, bread and cereals.”

The latest figures indicate a considerable acceleration in the inflationary trend, posing potential challenges for the country’s economy. The year-on-year increase highlights the persistent pressure on prices across various sectors, impacting the cost of living for citizens.