According to data released on Wednesday by the National Bureau of Statistics, Nigeria’s inflation rate increased to 27.33 percent in October.
This represents a 0.61 percentage point decrease from September’s recorded 26.72 percent.
In its Consumer Price Index (October 2023) that was released on Wednesday, the NBS stated, “In October 2023, the headline inflation rate increased to 27.33 per cent relative to the September 2023 headline inflation rate which was 26.72 per cent.
“Looking at the movement, the October 2023 headline inflation rate showed an increase of 0.61 percentage points when compared to the September 2023 headline inflation rate.
“Furthermore, on a year-on-year basis, the headline inflation rate was 6.24 percentage 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).”
Food and nonalcoholic drinks, housing, water, electricity, gas, and other fuel, clothing and footwear, transportation, furnishings, home equipment, and upkeep were all significant factors in the rise in inflation.
The withdrawal of gasoline subsidies and the depreciation of the official exchange rate have been blamed for the ongoing increase in inflation.
In its most recent annual projection, KPMG estimated that the elimination of fuel subsidies and the unification of the foreign exchange market will drive Nigeria’s headline inflation to reach 30% by December 2023.