Home Economy Nigeria’s inflation rate worsens at 6.24% decline Y-o-Y

Nigeria’s inflation rate worsens at 6.24% decline Y-o-Y

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TBILISI, GEORGIA - JUL 18: Sale of agricultural products on central food market, Jul 18, 2011 in Tbilisi, Georgia. Suitable for farming areas account only for 16% of total territory of the country.

In October 2023, the headline inflation rate increased to 27.33% relative to the September 2023 headline inflation rate which was 26.72%.

This was made known by the National Bureau of Statistics (NBS) on its website nigerianstat.gov.ng

Looking at the movement, the October 2023 headline inflation rate showed an increase of 0.61% points when compared to the September 2023 headline inflation rate.

Furthermore, on a year-on-year basis, the headline inflation rate was 6.24% points higher compared to the rate recorded in October 2022, which was (21.09%).

This shows that the headline inflation rate (year-on-year basis) increased in October 2023 when compared to the same month in the preceding year (i.e., October 2022).

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