Nigeria’s Inflation Hits 33.88%

James Emejo in Abuja

The Consumer Price Index (CPI) which measures the rate of change in prices of good and commodities increased to 33.88 per cent in October compared to 32.70 per cent in September, the National Bureau of Statistics (NBS) said Friday.

The 1.18 percentage increase in headline index was blamed on rising food and energy prices.

According to the CPI report for October, year-on-year, inflation was 6.55 per cent higher compared to 27.33 per cent in October 2023.

Food inflation rose 7.64 per cent to 39.16 per cent year-on-year compared to 31.52 per cent in October 2023.

Core inflation, which excludes the prices of volatile agricultural produces and energy rose by 5.79 per cent to 28.37 per cent, year-on- year in October compared 22.58 per cent in October 2023.

Details later…