The National Bureau of Statistics (NBS) has revealed that Nigeria’s headline inflation rate for October 2023 has surged to 27.33%.
The figure marks a 6.24 points increase compared to October 2022, which stood at 21.09%.
The inflation is however 0.9 short of the 28.2 percent recorded 18 years ago, in August 2005.
The NBS in a report released on Wednesday said, on a year-on-year basis, the headline inflation rate was 6.24 points points higher compared to the rate recorded in October 2022, which was (21.09 percent).
“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.
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“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).”
Similarly, it said food sub-index for October 2023 increased to 31.52% on a year-on-year basis, which was 7.80% points higher compared to the rate recorded in October 2022 (23.72%).