Nigeria witnessed a surge in headline inflation, reaching 27.33% in October 2023, up from September’s 26.72%. This marks a 0.61% point increase month-on-month and a 6.24% point rise compared to October 2022. Monthly inflation growth slowed by 0.37% in October.
Food inflation remains a key driver, rising by 1.52% year-on-year, showing a 7.80% point increase from October 2022. The monthly rate in October 2023 was 1.91%, 0.54% lower than September.
Notably, Kogi state had the highest food prices (41.74%), while Borno (24.41%) experienced the slowest rise.
Core inflation, excluding volatile items, rose to 22.58% year-on-year in October 2023, a 5.12% increase from October 2022.
On a monthly basis, core inflation decreased to 1.39%, down by 0.83% from September.
Urban inflation surged to 29.29% year-on-year in October 2023, a 7.66% point increase from October 2022.
The monthly rate was 1.81%, a 0.43% decrease from September. In rural areas, year-on-year inflation rose to 25.58%, up by 5.01% from October 2022, with a monthly rate of 1.67%, indicating a 0.29% decrease from September.
