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JUST IN: Nigeria’s inflation rate jumps to 27.3%

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Nigerians face bleak Christmas over soaring inflation

Nigeria’s inflation rose to 27.33 percent in October 2023 — up from 26.72 percent in the previous month of September.

This is according to the consumer price index (CPI) report released by the National Bureau of Statistics (NBS) on Wednesday.

The latest figure marks the tenth consecutive rise in the country’s inflation rate this year, and comes amid rising cost of food items.

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The NBS stated, “In October 2023, the headline inflation rate increased to 27.33 per cent relative to the September 2023 headline inflation rate which was 26.72 per cent.

“Looking at the movement, the October 2023 headline inflation rate showed an increase of 0.61 percentage points when compared to the September 2023 headline inflation rate.

“Furthermore, on a year-on-year basis, the headline inflation rate was 6.24 percentage 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).”

Major contributors to the increase in inflation were food and non-alcoholic beverages, housing, water, electricity gas and other fuel, clothing and footwear, transport, and furnishings and household equipment and maintenance.

 

 

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