Nigeria’s runaway inflation wagon picked up more speed in October, the Nigerian Bureau of Statistics (NBS) has disclosed in its latest report.
In its current report unveiled on Wednesday, 15 September, 2023 the NBS disclosed that October inflation rose by a 0.61 percentage point from the 26.72% recorded in September.
The NBS Consumer Price Index (October 2023) 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).”
According to the NBS, uptick in the cost of food and non-alcoholic beverages, housing, water, electricity, gas and other fuel, clothing and footwear, transport, and furnishings and household equipment and maintenance was responsible for the inflationary pressure on the consumer index, leading to the recorded rise.
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