Nigeria’s inflation rate jumped in October to 27.33 per cent, which is a 0.61 per cent rise from September’s 26.72 per cent.
On a year-on-year basis, the inflation rate is 6.24 per cent higher than the 21.09 per cent recorded in October 2022.
The data is from the Consumer Price Index, CPI, report for October 2023 published on Wednesday by the National Bureau of Statistics, NBS, Nigeria’s statistical office.
The latest figure marks the tenth consecutive rise in the country’s inflation rate this year.
According to the data, food inflation in October stood at 1.91 per cent, representing a 0.54 per cent decline compared to the 2.45 per cent recorded in September.
On a year-to-year basis, however, the food inflation was 31.52 per cent, 7.80 per cent points higher than the 23.72 per cent of October 2022.
“The rise in food inflation on a year-on-year basis was caused by increases in prices of bread and cereals, oil and fat, potatoes, yam and other tubers, fish, fruit, meat, vegetables and milk, cheese and eggs,” the NBS said.
The NBS data revealed that food inflation was highest in Kogi (41.74 per cent), Kwara (38.48 per cent) and Lagos (37.37 per cent), with Borno (24.41 per cent), Kebbi (24.90 per cent), and Jigawa (25.10 per cent) recording the slowest figures.
