No Relief: Nigerians Get Poorer As Inflation Rate Hit 27.33%
Nigerians continue to face severe economic pressure as inflation rates keep rising trends.
Data from NBS showed that Nigeria’s headline inflation rate increased to 27.33%, the highest level in over 18 years.
The trending inflation rate has again shown the diminishing Nigeria’s purchasing power and financial hardships.
The National Bureau of Statistics (NBS) has disclosed that Nigeria’s headline inflation rate, which measures the cost of goods and services over a period, increased to 27.33% in October 2023.
This shows a 0.61% point increase compared to the 26.72% in September 2023.
The NBS revealed this in its consumer price index (CPI) report released for October 2023 on Wednesday, November 15, 2023.
The latest figure shows the tenth consecutive rise in the country’s inflation rate this year.
Details of NBS Inflation Report
According to NBS, on a year-on-year basis, the headline inflation rate was 6.24% points higher compared to the rate recorded in October 2022, which was 21.09%
This means that the headline inflation rate (year-on-year basis) increased in October 2023 compared to the same month in the previous year (October 2022).
However, on a month-on-month basis, the headline inflation rate in October 2023 was 1.73%, which was 0.37% lower than the rate recorded in September 2023 (2.10%).
This means that in October 2023, the rate of increase in the average price level is less than the rate of growth in the average price level in September 2023.
NBS also disclosed that the food inflation rate is at 31.52%, caused by the increase in some food items such as bread, yams, potatoes, etc.
Some parts of the report are below:
“The Food inflation rate in October 2023 was 31.52% on a year-on-year basis, which was 7.80% points higher compared to the rate recorded in October 2022 (23.72%).
“The rise in food inflation on a year-on-year basis was caused by increases in prices of Bread and cereals, Oil and fat, Potatoes, Yam and other Tubers, Fish, Fruit, Meat, Vegetables and Milk, Cheese and Eggs.”
Furthermore, NBS showed the states with the highest and lowest inflation rates and food inflation between October 2022 and October 2023.
For every item of food inflation, below are the states with the highest rates:
- Kogi: 34.20%
- Rivers: 31.44%
- Lagos: 31.23%
- Borno: 20.06%
- Jigawa: 23.52%
- Sokoto: 24.47%
For Food Inflation, the States with the worst Hit are:
- Kogi: 41.74%
- Kwara: 38.48%
- Lagos: 37.37%
- Borno: 24.41%
- Kebbi: 24.90%
- Jigawa: 25.10%