The October 2023 Consumer Price Index (CPI) and Inflation Report released by the National Bureau of Statistics (NBS) shows Nigeria’s inflation rate jumped to 27.33% in October 2023.

The CPI, which measures the changes in the prices of goods and services rose from 26.72% in September to 27.33% with an increase of 0.61% points.

Amid soaring food prices and harsh economic realities occasioned by the removal of fuel subsidy in May, and the devaluation of the Naira on both the official and parallel markets, on a year-on-year basis, Inflationary pressures have intensified over the recent months.