The National Bureau of Statistics (NBS) revealed on Wednesday, November 15, that Nigeria's headline inflation rate had surged to 27.33% in October 2023. This represents a significant increase from the 26.72% recorded in September 2023.
The year-on-year inflation rate for October 2023 stood 6.24 percentage points higher compared to the rate recorded in October 2022, which was 21.09%. This substantial rise in inflation is attributed to a surge in food prices, particularly for bread and cereals, oil and fat, potatoes, yam and other tubers, fish, fruit, meat, vegetables, and milk, cheese, and eggs.
The NBS report outlined the specific factors contributing to the inflation increase:
- 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%
- Health: 0.82%
On a month-on-month basis, the food inflation rate in October 2023 was 1.91%, down 0.54% from the 2.45% recorded in September 2023. This decline in food inflation was primarily driven by a decrease in the average prices of fruits, oil and fat, coffee, tea and cocoa, and bread and cereals.
The concerning rise in inflation poses significant challenges for the Nigerian economy and its citizens. The government must take decisive action to address the underlying causes of inflation and implement measures to mitigate its impact on the lives of Nigerians.
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