Prices of goods have surged in Nigeria, because of high input costs and a weak Naira, pressuring the Central Bank of Nigeria to raise interest rates.
Many are expectant and hopeful that the efforts of the Bola Tinubu-led administration would stabilise the economy and reduce inflation.
However, that has not been the case, as inflation continues to increase month after month.
Inflation rose by 0.61%, according to a recent report from the National Bureau of Statistics (NBS) released on Wednesday.
The NBS revealed that inflation rose to 27.33% in October from 26.72% in the previous month.
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Headline inflation rose by 6.24% on a year-on-year basis, a higher result when compared with the 21.09% recorded in 2022.
“This shows that the headline inflation rate (y-o-y) increased in October 2023 more than the preceding year October 2022.
Also, the report stated that the food inflation rate rose to 31.52% on a year-on-year basis, and 7.80% points higher than 23.72%, recorded in October 2022.
Across Nigeria in recent years, food prices have been on a regular rise.
