Nigeria’s headline inflation rate rose to 27.33% in October 2023, up from 26.72% in September. This 0.61% monthly increase reflects a 6.24% rise compared to October 2022’s rate of 21.09%. The year-on-year surge indicates accelerating inflationary pressures.
On a monthly basis, inflation slowed slightly, dropping 0.37% from September’s 2.10% to 1.73% in October. However, food remains the primary inflation driver, jumping 1.52% year-over-year. This 7.80% spike from October 2022’s 23.72% food inflation stems from rising bread, cereal, produce, and protein prices.
State data shows food inflation is highest in Kogi at 41.74% and lowest in Borno at 24.41%. Core inflation, excluding food and energy, also climbed 5.12% year-over-year to 22.58% in October. Key contributors include transportation, medical services, and housing.
Urban inflation is up 7.66% annually to 29.29%, while rural inflation rose 5.01% to 25.58%. On a monthly basis, both urban and rural inflation fell slightly by 0.43% and 0.29% respectively.