Nigeria’s Inflation Rate Hits 27.33% in October, the Highest in History - NBS

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%.

The decline in month-over-month food inflation was attributed to a reduction in the rate of increase in the average prices of Fruits, Oil and fat, Coffee, Tea and Cocoa, Bread, and Cereals, the report shows.

States with the highest and lowest food inflation were also recorded as it showed that Kogi State topped the state with the highest food prices with an inflation rate of 41.74%, followed by Kwara State, which came second with a food inflation rate of 38.48% and Lagos State that came third with a food inflation rate of 37.37%.

Meanwhile, Borno State (24.41%), Kebbi (24.90%), and Jigawa (25.10%) recorded the slowest rise in food inflation on a year-on-year basis. 

While Borno State recorded 24.41%, Kebbi State recorded 24.90%, and Jigawa State recorded 25.10%, the slowest rise in food inflation on a Year-on-Year basis. 

Pictorial Representation of NBS Inflation Records for October 2023

Are you looking for a clearer view of the NBS Inflation records for October 2023? Check here.