October’s headline inflation rate in Nigeria rose from 26.72 percent in September to 27.33 percent.
This was revealed in the National Bureau of Statistics’ Wednesday Consumer Price Index report.
The headline inflation rate for October 2023 was 0.61 percentage points higher than the headline inflation rate for September 2023.
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Additionally, the headline inflation rate was 6.24 percentage points higher on a year-over-year basis than the rate recorded in October 2022 (21.09 percent). This suggests that, when comparing October 2023 to the same month in the previous year (i.e., October 2022).
Nigeria’s inflation rate was reported to be 25.58 percent in rural areas and 29.29 percent in urban areas.
Nigeria’s inflation is soaring for the tenth time in 2023, according to the statistics.
Despite the Central Bank of Nigeria’s Monetary Policy Committee’s continuous hikes to the Monetary Policy Rate, the development takes place.
Even though the MPR was increased to 18.5% in July after the CBN MPC 292nd meeting in an effort to decrease the rate of increase in inflation, months later, the inflation has not been managed.