The rate at which prices of goods and services rise in the country continued to spiral upwards amidst higher fuel costs and depreciating Naira as the headline inflation increased to 27.33 per cent year on year in October 2023.
Latest inflation data released by the National Bureau of Statistics (NBS) showed that the October inflation figure was 0.61 per cent higher than 26.72 per cent that was recorded in September 2023.
On a monthly basis, the headline index fell to 1.91 per cent in October, down by 36 basis points relative to the 2.45 per cent month on month ease recorded in September.
According to the NBS, food inflation increased by 31.52 per cent YoY in October 2023, signalling a 0.88 per cent increase over the 30.64 per cent recorded in the previous month.
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