Nigeria’s inflation rate hit 27.33 percent in October 2023 from 26.72 percent in September 2023, according to the latest report by the National Bureau of Statistics (NBS).
NBS in its Consumer Price Index (CPI) on Wednesday disclosed that “In October 2023, the headline inflation rate increased to 27.33 percent relative to the September 2023 headline inflation rate which was 26.72 percent.
“Looking at the movement, the October 2023 headline inflation rate showed an increase of 0.61 percent points when compared to the September 2023 headline inflation rate.
“Furthermore, 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). 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).
The contributions of items on the Divisional level to the increase in the Headline index include Food and non-alcoholic beverages, Housing, Water, Electricity, Gas, and other fuel, among others.
The report stated that the percentage change in the average CPI for the 12 months ended October 2023 over the average of the CPI for the previous 12 months period was 23.44 per cent, showing a 5.57 percent increase compared to 17.86 percent recorded in October 2022.
The food inflation rate, according to NBS in October 2023 was 31.5 2 percent on a year-on-year basis, which was 7.80 percentage points higher compared to the rate recorded in October 2022 (23.72 percent).
“The rise in food inflation on a year-on-year basis was caused by increases in prices of Bread and cereals, Oil and fat, Potatoes, Yam and other tubers, Fish, Fruit, Meat, Vegetables and Milk, Cheese, and Eggs.
“On a month-on-month basis, the food inflation rate in October 2023 was 1.91 percent which was 0.54 percent lower compared to the rate recorded in September 2023 (2.45 percent).
“The decline in food inflation on a month-over-month basis was caused by the decline in the rate of increase in the average prices of Fruits, Oil and fat, Coffee, Tea, and Cocoa, Bread, and Cereals,” the report disclosed.
“The average annual rate of food inflation for the twelve months ended October 2023 over the previous twelve-month average was 26.33 percent, which was a 6.50 percentage point increase from the average annual rate of change recorded in October 2022 (19.83 percent).”
On urban inflation, the report by NBS said, “On a year-on-year basis, in October 2023, the urban inflation rate was 29.29 percent, this was 7.66 percentage points higher compared to the 21.63 percent recorded in October 2022.
“On a month-on-month basis, the urban inflation rate was 1.81 percent in October 2023. This was 0.43 percentage points lower compared to September 2023 (2.24 percent). The corresponding twelve-month average for the urban inflation rate was 24.76 percent in October 2023. This was 6.38 percent points higher compared to 18.38 percent reported in October 2022.”
The rural inflation rate in October 2023 was 25.58 percent on a year-on-year basis; this was 5.01 percent higher compared to the 20.57 percent recorded in October 2022.
“On a month-on-month basis, the rural inflation rate in October 2023 was 1.67 percent, declined by 0.29 percent points compared to September 2023 (1.96 percent). The corresponding twelve-month average for the rural inflation rate in October 2023 was 22.23 percent.
“This was 4.85 percent higher compared to the 17.38% recorded in October 2022,” NBS disclosed in the rural inflation report.
