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Nigeria’s inflation rises to 27.3%

The National Bureau of Statistics (NBS) on Wednesday, November 15, announced that the headline inflation rate for October 2023 has increased to 27.33 percent. 

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 percent).

The NBS said the rise in food inflation was due to increases in prices of bread & cereals, oil & fat, potatoes, yam and other tubers, fish, fruit, meat, vegetables and milk, cheese, and eggs.

The report read; 

“The increase in the headline index for October 2023 was attributed to the increase in some items in the basket of goods and services at the divisional level.

“These increases were observed in Food and non-alcoholic Beverages (14.16%), Housing, Water, Electricity, Gas & other Fuel (4.57%), Clothing & Footwear (2.09%), Transport (1.78%), Furnishings & Household Equipment and maintenance (1.37%), Education (1.08%) and Health (0.82%). Others are Miscellaneous Goods & Services (0.45%), Restaurants & Hotels (0.33%), Alcoholic Beverages, Tobacco & Kola (0.30%), Recreation & Culture (0.19%) and Communication (0.19).

“However, on a month-on-month basis, the Food inflation rate in October 2023 was 1.91%. This was 0.54% lower compared to the rate recorded in September 2023 (2.45%). The decline in food inflation was caused by a decrease in the average prices of Fruits, oil and fat, coffee, tea and cocoa, bread and cereals.”

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