Nigeria’s Inflation Rate Hits 27.3%

Nigeria’s annual inflation rate rose to 27.33 percent in October from 26.72 percent in the previous month.

The CPI measures the rate of change in prices of goods and services.

The statistics office said the October 2023 headline inflation rate showed an increase of 0.61 percent points when compared to the September 2023 headline inflation rate.

The NBS said on a year-on-year basis, the headline inflation rate was 6.24 percent points higher compared to the rate recorded in October 2022, which was (21.09 percent).

It said: “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).”