Nigeria’s Inflation Rate Rises to 27.33 Per Cent in October Says NBS
Nigeria’s inflation rate has jumped to 27.33 per cent last month, according to the National Bureau of Statistics (NBS). The figure is higher than inflation rate of 26.7 per cent in September 2023.
The Statistics General of the Federation, Adeyemi Adeniran, in a statement released on Tuesday, singled out the price of food and non-alcoholic beverages, housing, water, electricity gas and other fuel, clothing and footwear, transport, and furnishings and household equipment and maintenance.
According to him, the inflation rate in the price of food and non-alcoholic beverages for the period under review is 14.16 per cent.
He attributed the 14.16 per cent inflation rate to the increase in the price of meat, egg, bread and cereal, oil and fat, potatoes, yam and other tubers, fish, fruits and vegetable.
In recent forecast for the year, KPMG predicted that Nigeria’s headline inflation may rise to 30 per cent by December 2023 because of fuel subsidy removal, and the unification of the foreign exchange market.
The Headline inflation is the total inflation in an economy which includes commodities like food and energy.
The inflation rate of others items are health (0.82 per cent), education (1.08 per cent), transport (1.78 per cent), clothing and footwear 92.09 per cent), gas and other fuel, as well as, water, electricity, housing (4.57 per cent).