Nigeria’s Inflation Rate Hits 27.33% Amid Rising Food Prices

Nigeria’s inflation rate rose to 27.33% in October 2023 as prices of food stuffs continue to increase in the aftermath of the removal of fuel subsidy by the President Bola Tinubu administration.

According to the latest CPI report by the National Bureau of Statistics (NBS), the increase in food inflation on a year-on-year basis was caused by increases in prices of bread and cereals, oil and fat, potatoes, yam and other tubers, fish, fruit, meat, vegetables and milk, cheese and eggs.

The CPI, which measures the changes in the prices of goods and services, rose from 26.72% to 27.33% showing an increase of 0.61% points.

The report added: “In October 2023, the headline inflation rate increased to 27.33% relative to the September 2023 headline inflation rate which was 26.72%,” the report partly read.

“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).”