Just In: Nigeria’s Inflation Increases By 0.61%  As Cost Of Living High


Nigeria’s headline inflation rate increased to 27.33%, marking an increase from the September 2023 rate of 26.72%.

The National Bureau of Statistics (NBS) on Wednesday said the October 2023 headline inflation rate showed an increase of 0.61 per cent 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 per cent points higher compared to the rate recorded in October 2022, which was (21.09 per cent).

“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),” it said.

This indicates a growth in the headline inflation rate (year-on-year basis) in October 2023 compared to the corresponding month of 2022.  

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