The National Bureau of Statistics disclosed on Wednesday that Nigeria’s headline inflation rate surged to 27.33 per cent in October.

This is a 0.61 percentage point from the 26.72 per cent that was recorded in September.

In its Consumer Price Index (October 2023) that was released on Wednesday, 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.”

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.

In its 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.
nation’s headline inflation rates (expressed in percentage) from January to October 2023, on a month-on-month and year-on-year points basis.

The National Bureau of Statistics disclosed on Wednesday that Nigeria’s headline inflation rate surged to 27.33 per cent in October.

This is a 0.61 percentage point from the 26.72 per cent that was recorded in September.

In its Consumer Price Index (October 2023) that was released on Wednesday, 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.”

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.

In its 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.

In this piece, PUNCH Online highlights the nation’s headline inflation rates (expressed in percentage) from January to October 2023, on a month-on-month and year-on-year points basis


Observation

1. There was an increase in the headline inflation from January to October.

2. There was an increase in the month-on-month percentage points from February to August, before the drop from August to September and then October.

3. The highest year-on-year basis was observed in October.

https://punchng.com/full-list-nigerias-2023-inflation-rate-from-jan-oct/

Inflation is really asphyxiating us as a people. I hope they come up with policy direction that drags the headline inflation down.