The National Bureau of Statistics has disclosed that inflation in Nigeria grew by 27.33 per cent in October 2023 compared to a year ago, due to the continued depreciation of the naira.
In the report released by NBS on Wednesday, November 15, showed that Inflation rose to a new 18-year high of 27.33 per cent from 26.72 per cent in the previous month.
NBS report read, “In October 2023, the headline inflation rate increased to 27.33% relative to the September 2023 headline inflation rate which was 26.72%.
“Looking at the movement, the October 2023 headline inflation rate showed an increase of 0.61% points when compared to the September 2023 headline inflation rate.
“Furthermore, 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%).
“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).”
The breakdown of NBS consumer price index report shows that food and non-alcoholic beverages contributed the most (14.16 per cent) to the increase in the headline index, followed by housing, water, electricity, gas and other fuel (4.57 per cent), clothing and footwear (2.09 per cent), transport (1.78 per cent), furnishings and household equipment and maintenance (1.37percent) and education (1.08 per cent).
Others are health (0.82 per cent), miscellaneous goods and services (0.45percent), restaurants and hotels (0.33 per cent), alcoholic beverages, tobacco and kola (0.30 per cent), recreation and culture (0.19) and communication (0.19 per cent).
