Nigeria's inflation rate has been on a steady rise for months now, and the record for October reported by the National Bureau of Statistics (NBS) on Wednesday says that the country's inflation hits 27.33%, the highest in the nation's record. The increase was attributed to the hike in food prices and other commodities following the forceful removal of fuel subsidy by President Bola Tinubu on May 29, the same day he was inaugurated as the number one citizen of the Federal Republic of Nigeria.
The investigation on the nation's inflation rate for October 2023 was adequately carried out by the Consumer Price Index (CPI) and Inflation Report and released by the National Bureau of Statistics (NBS) on Wednesday, November 15.
It was reported that the CPI measured the changes in the prices of goods and services, and it showed a rise from 26.72% to 27.33% showing an increase of 0.61% points.
Also, on a year-on-year basis, the inflation rate was 6.24% points higher than that recorded in October 2022, which represented a 21.09% increase.
Breakdown of the Inflation Report Released by the NBS for October
Food Inflation: Food has stood as one of the significant drivers of inflation, and it was reported that food inflation in Nigeria rose to 1.52% on a year-on-year basis.This shows a 7.80% points increase to the inflation rate recorded in October 2022, which was 23.72%.
The increase in the year-on-year food inflation was attributed to the hike in the cost of various categories such as Oil and fat, Bread and cereals, Vegetables, Milk, Cheese, Eggs, Potatoes, Yam and other Tubers, Fish, Fruit, and Meat.
On a month-on-month basis, the records show that food inflation in October 2023 settled at 1.91%, which was 0.54% low compared to food inflation recorded in September 2023, which stood at 2.45%.
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