By Jennete Ugo Anya
The National Bureau of Statistics (NBS) has announced that the nation’s headline inflation hits 27.33 percent in October 2023, marking an 18-year high.
The latest Consumer Price Index(CPI) report, released recently, reflects the significant increase from the previous month’s 26.72 percent.
Since February 2022, Nigeria’s inflation has been consistently rising, with only a brief pause in December 2022.
The current ten-month consecutive high reflects a steady upward trend. October 2023 saw a month-over-month inflation increase of 1.73 percent, slightly below September 2023’s 2.10 percent.
The NBS attributes the rise to the persistent depreciation of the naira and increased costs of food and fuel.
Despite being in line with expert projections, this indicates a slower rate of average price level increase compared to the preceding month.
