Nigeria’s inflation rate has risen to a record 27.33 per cent in October, principally driven by the high cost of food and non-alcoholic beverages, the National Bureau of Statistics has said.
The Bureau disclosed this on Wednesday in its Consumer Price Index Report for October 2023 obtained by THE WHISTLER.
In September 2023, inflation was estimated by the Bureau to be at 26.72 per cent.
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Year-on-year-basis, inflation rose 6.24 per cent higher compared to the rate recorded in October 2022, which was 21.09 per cent.
During the review period, the NBS said on divisional level, food and non-alcoholic beverages contributed 14.16 per cent to inflation, housing, water, electricity, gas and other fuel contributed 4.57 per cent while clothing and footwear accounted for 2.09 per cent, among others.
The food inflation rate in October 2023 was 31.52 per cent on a year-on-year basis, which was 7.80 per cent higher compared to the rate recorded in October 2022 at 23.72 per cent.
The NBS attributed the rise in food inflation to the increases in prices of bread and cereals, oil and fat, potatoes, yam and other tubers, fish, fruit, meat, vegetables and milk, cheese and eggs.
Compared to September, food inflation was measured at 30.64 per cent by the NBS.
The case was not different in the urban areas where the inflation rate rose to 29.29 per cent which was 7.66 per cent points higher compared to the 21.63 per cent recorded in October 2022.
Rural inflation rate in October 2023 was 25.58 per cent on a year-on-year basis. This was 5.01 per cent higher compared to the 20.57 per cent recorded in October