Nigeria’s inflation has surged again to 27.33% for the tenth time in 2023 as food prices soared across the country.
The National Bureau of Statistics, NBS, disclosed this in its October Consumer Price Index report on Wednesday, November 15, 2023.
The surge is 0.61% compared to the 26.72% recorded in September.
Additionally, on a year-on-year basis, the headline inflation rate was 6.24% points higher than the rate recorded in October 2022, which stood at 21.09%.
This indicates a growth in the headline inflation rate (year-on-year basis) in October 2023 compared to the corresponding month of 2022.
Nigeria’s inflation quickened to a new 18-year high in October as higher input costs and a weaker naira sent food and goods prices soaring, adding pressure on the central bank to raise interest rates.
The latest figure marks the tenth consecutive rise in the country’s inflation rate this year.
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