In October 2023, Nigeria witnessed a surge in inflation, reaching 27.33%.
After President Bola Tinubu’s administration eliminated the fuel subsidy, food prices began to rise steadily, which fueled the escalation.
These results were published in the Consumer Price Index (CPI) and Inflation Report for October 2023 by the National Bureau of Statistics (NBS) on Wednesday.
The CPI, which measures changes in goods and services prices, increased by 0.61%, rising from 26.72% to 27.33%.
According to the report, the country’s headline inflation rate increased to 27.33%, up from 26.72% in September 2023.
The report states that this is a 0.61% uptick in the October headline inflation rate compared to the previous year.
The year-on-year analysis revealed a significant 6.24% point surge in the headline inflation rate in October 2023 compared to the corresponding period in 2022, which recorded a rate of 21.09%.
The report said this underlines the considerable increase in the headline inflation rate on a year-on-year basis between October 2022 and October 2023.
