BREAKING: Nigeria’s inflation rate increases to 27.33 per cent in October

The October 2023 headline inflation rate represented an increase of 0.61 per cent points compared to the September 2023 headline inflation rate.

Furthermore, on a year-on-year basis, the headline inflation rate was 6.24 per cent points higher compared to the rate recorded in October 2022 (21.09 per cent ), indicating 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 stated that Nigeria’s urban inflation stood at 29.29 per cent while rural inflation was 25.58 per cent.

Also, the report showed that food inflation increased to 31.52 per cent, 7.80 points higher when compared with 23.72 per cent recorded in October 2022.

The figure shows that this is the 10th time Nigeria’s inflation is soaring in 2023.

The development comes despite the continued increase of the Monetary Policy Rate by the Central Bank of Nigeria’s Monetary Policy Committee.

In July, after the CBN MPC 292nd meeting, MPR was increased to 18.5 per cent to curtail rising inflation; however, months later, inflation has not been tamed.