Nigeria’s inflation hits record 27.33% in October 2023

Nigeria’s headline inflation rate rose to 27.33 per cent in October from 26.72 per cent in September, according to a report released by the National Bureau of Statistics (NBS) on Wednesday.

The bureau said the October 2023 headline inflation rate showed an increase of 0.61 percentage points in the October 2023 headline inflation rate compared to September 2023.

On a year-on-year basis, the headline inflation rate in October 2023 was 6.24 percentage points higher than the rate recorded in October 2022, which stood at 21.09%.

This indicates an increase in the year-on-year headline inflation rate in October 2023 compared to the same month in the previous year, October 2022.

Source: Business Insider