Inflation Rises To 27.33% In Oct –NBS

For the tenth consecutive time in the year 2023, Statistician General (SG), of the Federation, Prince Semiu Adeyemi Adeniran, has reported an increase in headline inflation rate in October to 27.33 per cent relative to the September 2023 headline inflation rate which was 26.72 per cent.

Looking at the headline trend, the October 2023 inflation rate represented an increase of 0.61 per cent points when compared to the September 2023 headline inflation rate.

According to him, on a year-on-year basis, the headline inflation rate was 6.24 per cent points higher compared to the rate recorded in October 2022, which was (21.09 per cent).

“The increase in the headline index for October 2023 was attributed to the increase in some items in the basket of goods and services at the divisional level. These increases were observed in food and non-alcoholic beverages (14.16 per cent), housing, water, electricity, gas & other fuel (4.57 per cent); clothing & footwear (2.09 per cent); transport (1.78 per cent); furnishings & household equipment and maintenance (1.37 per cent); education (1.08 per cent) and health (0.82 per cent).

“Others are miscellaneous goods & services (0.45 per cent); restaurants & hotels (0.33 per cent); alcoholic beverages, tobacco & kola (0.30 per cent); recreation & culture (0.19 per cent) and communication (0.19 per cent),” he said.

On a month-over-month basis, the SG, said, the headline inflation rate in October 2023 stood at 1.73 per cent, which shows that the rate of increase in the average price level was less than that of the preceding month by 0.37 per cent when compared to the rate recorded in September 2023 (2.10 per cent).