The Nigerian bureau of Statistics has disclosed that the Nigeria inflation rate has risen to 27. 33 percent in October. . According to the Bureau, with 26.72 percent recorded in September, it went 0.61 points higher in October.
The NBS, in its Consumer Price Index of October 2023 released on Wednesday, shows that headline inflation rate has spiked to 27.33 percent. This is considered as a significant departure from 26. 72 per cent recorded in September.
“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.eOctober 2022).” The report added.
Meanwhile, key drivers to the rise in inflation were non-alcoholic beverages, food, housing, water, electricity, gas, fuel, clothing, transportation, household equipments among others. In recent months, the president Bola Ahmed Tinubu led administration removed subsidy on petrol. A situation reported to have been driving an increased rate in Nigeria Inflation.
