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Nigeria’s Inflation Rate Increases To 27.3%



In October 2023, the Consumer Price Index (CPI), which gauges how quickly prices for goods and services are changing, increased to 27.33 percent. This was revealed in the National Bureau of Statistics’ (NBS) September CPI data, which was made public on Tuesday.

The most recent number represents the country’s inflation rate rising for the ninth time in a row this year.

According to the CPI (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.

Rachael Aiyke
Mike Ojo

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