Nigeria experienced a surge in headline inflation, reaching 27.33% in October 2023, up from 26.72% in September, according to the Consumer Price Index report released by the National Bureau of Statistics on Wednesday.
The latest figures indicate a 0.61% increase from September, and on a year-on-year basis, it reflects a 6.24% rise compared to October 2022 (21.09%). The report specified that Nigeria’s urban inflation hit 29.29%, while rural inflation stood at 25.58%.
Food inflation also witnessed a notable increase, reaching 31.52% in October 2023, a 7.80-point surge compared to the same month in 2022, which recorded 23.72% food inflation.
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This development marks the 10th inflationary surge in the country for the year 2023, despite efforts by the Central Bank of Nigeria’s Monetary Policy Committee to control inflation.
In July, the Monetary Policy Rate was raised to 18.5% after the 292nd meeting, aiming to curb the rising inflation; however, recent data suggests that inflation has not been effectively subdued.