In a continuation of the upward trend, Nigeria’s consumer price index (CPI) rose to 27.33 percent in October 2023, according to the latest report from the National Bureau of Statistics (NBS). This marks an increase from the 26.72 percent recorded in the previous month, underscoring the persistent challenge of rising inflation in the country.
The CPI, which gauges the rate of change in prices of goods and services, has seen a steady climb, making October the tenth consecutive month of increased inflation rates in Nigeria this year. The figures highlight the economic challenges faced by the nation, impacting the cost of living for citizens.
As inflation continues to pose a concern, policymakers and economic stakeholders face the task of implementing measures to curb its rise and address its underlying causes. The NBS report serves as a crucial indicator for assessing the economic landscape and formulating strategies to navigate the inflationary pressures affecting Nigeria.
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).
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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).”
