Nigeria’s headline inflation rate jumped to 27.33 percent in October, up from 26.72 percent in September.
This was revealed by the National Bureau of Statistics in its Consumer Price Index report, which was released on Wednesday.
The headline inflation rate in October 2023 increased by 0.61 percentage point above the headline inflation rate in September 2023.
Furthermore, the headline inflation rate was 6.24 percentage points higher year on year compared to the rate recorded in October 2022 (21.09 percentage points), indicating that the headline inflation rate increased in October 2023 when compared to the same month the previous year (i.e., October 2022).
It said that urban inflation in Nigeria was 29.29%, while rural inflation was 25.58%.
Furthermore, the data revealed that food inflation jumped to 31.52 percent, 7.80 points higher than the 23.72 percent reported in October 2022.
According to the data, Nigeria’s inflation would be at an all-time high in 2023 for the tenth time.
The outcome occurs despite the Central Bank of Nigeria’s Monetary Policy Committee continuing to raise the Monetary Policy Rate.
MPR was raised to 18.5% during the CBN MPC 292nd meeting in July to combat growing inflation; yet, inflation has not been tamed months later.