Nigerias headline inflation rate for October increased to 27.33 percent from 26.72 percent in September.
The National Bureau of Statistics, (NBS), disclosed this in its Consumer Price Index report released yesterday.
The October 2023 headline inflation rate represented an increase of 0.61 percentage points, when compared to the September 2023 headline inflation rate.
Furthermore, on a year-on-year basis, the headline inflation rate was 6.24 percentage points higher, when compared to the rate recorded in October 2022 (21.09 percent), indicating that the headline inflation rate (year-on-year basis) increased in October 2023, when compared to the same month in the preceding year (i.e., October 2022).
It stated that Nigerias urban inflation stood at 29.29%, while rural inflation was 25.58%. Also, the report showed that food inflation increased to 31.52%, 7.80 points higher when compared with 23.72% recorded in October 2022.
The figure shows that this is the 10th time Nigerias inflation is soaring in 2023.
The development comes despite the continued increase of the Monetary Policy Rate (MPR) by the Central Bank of Nigeria (CBN)s Monetary Policy Committee. Recall that in July, after the CBN MPC 292nd meeting, the MPR was increased to 18.5% to curtail rising inflation; however, months later, inflation has not been tamed.
