Nigeria’s inflation rate has risen to 27.33 per cent in October 2023, following the rice in prices of food stuff.
This is according to the October 2023 Consumer Price Index (CPI) and Inflation Report released by the National Bureau of Statistics (NBS) on Wednesday.
The CPI, which measures changes in the prices of goods and services, rose from 26.72 per cent to 27.33 per cent showing an increase of 0.61 per cent points.
Food continued to be the major driver of inflation as food inflation rose to 1.52 per cent on a year-on-year basis, representing 7.80 per cent points increase to the rate recorded in October 2022 (23.72 per cent).
The surge in year-on-year food inflation was driven by price increases in various categories, including bread and cereals, oil and fat, potatoes, yam and other tubers, fish, fruit, meat, vegetables, milk, cheese, and eggs.
On a month-on-month basis, the food inflation rate in October 2023 stood at 1.91%, which is 0.54 per cent lower than the rate recorded in September 2023 (2.45 per cent).
Food inflation by state revealed that Kogi state had the highest food prices with food inflation rate at 41. 74 per cent), followed by Kwara (38.48 per cent) and Lagos (37.37 per cent).
On the other hand, Borno (24.41 per cent), Kebbi (24.90 per cent) and Jigawa (25.10 per cent) recorded the slowest rise in food inflation on a Year-on-Year basis.
“In October 2023, the headline inflation rate increased to 27.33% relative to the September 2023 headline inflation rate which was 26.72%.
“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%),” the report read in part.
Continuing, the CPI said “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).”