Nigeria’s inflation hits 27.3% amid rising food, gas prices

Nigeria’s inflation hits 27.3% amid rising food, gas prices

Nigeria’s headline inflation has risen to 18-year high of 27.33 per cent.

The new rate representing the October 2023 inflation was announced on Wednesday by the National Bureau of Statistics.

It said the increase was largely due to rising prices of food items, cooking gas and housing, among others.

“In October 2023, the headline inflation rate increased to 27.33% relative to the September 2023 headline inflation rate which was 26.72%,” the report partly read.

On a year-on-year basis, the headline inflation rate was 6.24 points higher compared to the rate recorded in October 2022, which was (21.09 per cent).

The NBS said the rise in food inflation was due to increases in prices of bread & cereals, oil & fat, potatoes, yam and other tubers, fish, fruit, meat, vegetables and milk, cheese, and eggs.

The report read, “The increase in the headline index for October 2023 was attributed to the increase in some items in the basket of goods and services at the divisional level.

“These increases were observed in Food and non-alcoholic beverages (14.16%), housing, water, electricity, gas & other fuel (4.57%), clothing & footwear (2.09%), transport (1.78%), furnishings & household equipment and maintenance (1.37%), education (1.08%) and health (0.82%).”