NBS puts Nigeria’s inflation rise at 27.33%

By Felicia Nwosu

In response to the impact of the high cost of living among the citizenry, the National Bureau of Statistics (NBS) has reported that Nigeria’s annual inflation rate escalated to 27.33 per cent in October from 26.72 per cent in the previous month.

Giving a breakdown analysis with a look at the previous month, the report said on a month-on-month basis, the headline inflation rate in October 2023 was 1.73 per cent, which was 0.37 per cent lower than the rate recorded in September 2023 (2.10 per cent).

Giving a calculation on a year-on-year basis, it maintained that 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).

“This shows that the headline inflation rate (year-on-year basis) increased in October 2023 when compared to the same month in the preceding year (i.e., October 2022),” it said.

Comparing the previous year with 2023, in relation to the removal of subsidy on petrol, which worsened the hardship for many Nigerians with its attendant increase in the prices of goods and services, propelled by the resultant effect over the depreciation of the naira by over 50 per cent at both the authorised and unauthorized market segments. This was induced after the Central Bank of Nigeria after the Central Bank collapsed all forex windows into the Investors and exporters (I&E) window about six months ago.

The NBS therefore pointed out that the food inflation rate in October quickened to 31.52 per cent on a year-on-year basis, which was 7.80 per cent points higher compared to the rate recorded in October 2022 (23.72 per cent).

Giving a detailed report o across some sectors of the economy, the NBS said the contributions of items on the divisional level to the increase in the headline index are food & non-alcoholic beverages (14.16 per cent), housing water, electricity, gas & other fuel (4.57 per cent), clothing & footwear (2.09 per cent), and transport (1.78 per cent).

Others are furnishings & household equipment & maintenance (1.37 per cent), education (1.08 per cent), health (0.82 per cent), miscellaneous goods & services (0.45 per cent), restaurant & hotels (0.33 per cent), alcoholic beverage, tobacco & kola (0.30 per cent), recreation & culture (0.19 per cent) and communication (0.19 per cent).


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