In October, Nigeria’s headline inflation rate rose to 27.33%, up from September’s 26.72%, as reported by the National Bureau of Statistics in its Consumer Price Index released on Wednesday. This increase of 0.61 percentage points from September indicated a higher inflation rate on a year-on-year basis compared to October 2022, reaching 6.24% above last year’s rate of 21.09%.
The urban inflation in Nigeria was reported at 29.29%, while rural inflation stood at 25.58%. Food inflation also surged to 31.52%, marking a 7.80-point increase compared to October 2022. This marks the 10th instance of inflation escalation in Nigeria throughout 2023.
Despite the Central Bank of Nigeria’s efforts to mitigate rising inflation by raising the Monetary Policy Rate (MPR) to 18.5% during its 292nd meeting in July, inflation has persisted, showing no signs of abating.
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