Nigeria’s inflation rate surged to 27.33% in October, marking a 0.61 percentage point increase from the 26.72% recorded in September, according to the latest data from the National Bureau of Statistics (NBS).
The NBS, in its Consumer Price Index (October 2023) released on Wednesday, reported that the headline inflation rate for October 2023 showed a significant rise, attributing the increase to various factors. On a year-on-year basis, the inflation rate was 6.24 percentage points higher compared to October 2022, which recorded a rate of 21.09%.
Major contributors to the increase in inflation were identified as food and non-alcoholic beverages, housing, water, electricity, gas, and other fuel, clothing and footwear, transport, as well as furnishings and household equipment and maintenance.
The removal of petrol subsidies and the devaluation of the official exchange rate have been cited as key factors contributing to the continued rise in inflation. KPMG had recently forecasted that Nigeria’s headline inflation might reach 30% by December 2023 due to the removal of fuel subsidies and the unification of the foreign exchange market.
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The persistent increase in inflation poses significant challenges to the economy and calls for strategic measures to mitigate its impact on the cost of living for Nigerians. The government and relevant stakeholders may need to address the root causes and implement effective policies to stabilize and reduce inflation in the coming months.
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