Nigeria’s Inflation Hits 27.33% – NBS

Nigeria’s inflation rate rose to 27.33 per cent in October 2023 from the 26.72 per cent recorded in September 2023, according to the Consumer Price Index published by the National Bureau of Statistics (NBS) on Wednesday.

The NBS Consumer Price Index (CPI) and Inflation Report for October 2023 said the figure is 0.61 per cent points higher compared to the 26.72 per cent recorded in September 2023.

On a year-on-year basis, the headline inflation rate in October 2023 was 6.24 per cent higher than in October 2022 at 21.09 per cent.

“In October 2023, the headline inflation rate increased to 27.33% relative to the September 2023 headline inflation rate, which was 26.72%. The October 2023 headline inflation rate showed an increase of 0.61% points when compared to the September 2023 headline inflation rate,” the inflation report partly read.

“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),” it added.

Naija News reports that the continued surge in the country’s inflation rate comes in the aftermath of the total removal of fuel subsidies and the move by President Bola Tinubu to float the country’s currency.

Recall that KPMG had previously predicted that the nation’s inflation rate would reach 30 per cent by December 2023, attributing the predicted rise to recent reforms like eliminating fuel subsidies and unifying the foreign exchange market.