In a disconcerting turn of events, Nigeria’s headline inflation rate for October climbed to 27.33%, up from September’s 26.72%, according to the latest Consumer Price Index report released by the National Bureau of Statistics on Wednesday.
This uptick in the October 2023 headline inflation rate reflects a notable 0.61% increase compared to September’s figures. On a year-on-year basis, the headline inflation rate surged by 6.24% compared to October 2022, reaching 21.09%. This indicates a substantial escalation in the year-on-year headline inflation rate for October 2023 compared to the same month in the preceding year.
Breaking down the data, urban inflation in Nigeria reached 29.29%, while rural inflation stood at 25.58%. The report also revealed a worrisome spike in food inflation, which soared to 31.52%, marking a significant 7.80-point increase compared to the 23.72% recorded in October 2022.
Remarkably, this marks the 10th instance of inflation surges in Nigeria during 2023. This concerning trend persists despite the Central Bank of Nigeria’s Monetary Policy Committee’s efforts to curb inflation. Following the 292nd meeting in July, the Monetary Policy Rate (MPR) was raised to 18.5% to address the rising inflationary pressures. However, months later, inflation continues its upward trajectory, resisting attempts at containment