Breaking: Nigeria’s inflation rate rose from 26.72% to 27.33%.

October’s headline inflation rate in Nigeria rose from 26.72 percent in September to 27.33 percent.

This was revealed in the National Bureau of Statistics’ Wednesday Consumer Price Index report.

The headline inflation rate for October 2023 was 0.61 percentage points higher than the headline inflation rate for September 2023.

Additionally, the headline inflation rate was 6.24 percentage points higher on a year-over-year basis than the rate recorded in October 2022 (21.09 percent). This suggests that, when comparing October 2023 to the same month in the previous year (i.e., October 2022).

Nigeria’s inflation rate was reported to be 25.58 percent in rural areas and 29.29 percent in urban areas.

Additionally, the data revealed that food inflation rose to 31.52%, 7.80% higher than the 23.72 percent recorded in October 2022.

According to the figure, Nigeria’s inflation is skyrocketing for the tenth time in 2023.

The development occurs in spite of the Monetary Policy Committee of the Central Bank of Nigeria’s ongoing increases to the Monetary Policy Rate.

Months later, inflation has not been controlled despite the MPR being raised to 18.5% in July following the CBN MPC 292nd meeting in an attempt to slow the rate of increase in inflation.