15th November, 2023
By Kazeem Ugbodaga
Nigeria’s inflation galloped to 27.33 percent in October, with prices of foodstuffs and other commodities climbing up in the country.
According to report released by the National Bureau of Statistics (NBS) on Wednesday, the headline inflation rate in October 2023, increased to 27.33% relative to the September 2023 headline inflation rate which was 26.72%.
Looking at the movement, the NBS said the October 2023 headline inflation rate showed an increase of 0.61% points when compared to the September 2023 headline inflation rate.
“Furthermore, on a year-on-year basis, the headline inflation rate was 6.24% points higher compared to the rate recorded in October 2022, which was (21.09%). This shows 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).
“However, on a month-on-month basis, the headline inflation rate in October 2023 was 1.73%, which was 0.37% lower than the rate recorded in September 2023 (2.10%). This means that in October 2023, the rate of increase in the average price level is less than the rate of increase in the average price level in September 2023,” the NBS explained.
The report added that the percentage change in the average Consumer Price Index (CPI) for the twelve months ending October 2023 over the average of the CPI for the previous twelve-month period was 23.44%, showing a 5.57%
increase compared to 17.86% recorded in October 2022.
The NBS said on a year-on-year basis, in October 2023, the Urban inflation rate was 29.29%, which was 7.66%
points higher compared to the 21.63% recorded in October 2022, while on a month-on-month basis, the Urban inflation rate was 1.81% in October 2023, which was 0.43% points lower compared to September 2023 (2.24%).
“The corresponding twelve-month average for the Urban inflation rate was 24.76% in October 2023. This was 6.38% points higher compared to the 18.38% reported in October 2022,” it stated.
The Rural inflation rate in October 2023, according to the NBS was 25.58% on a year-on-year basis, which was 5.01%
higher compared to the 20.57% recorded in October 2022.
“On a month-on-month basis, the Rural inflation rate in October 2023 was 1.67%, declined by 0.29% points compared to September 2023 (1.96%).
“The corresponding twelve-month average for the Rural inflation rate in October 2023 was 22.23%. This was 4.85% higher compared to the 17.38% recorded in October 2022,” the NBS said.