Nigeria’s headline inflation rate has increased to 27.33%, marking an upward trend from the September rate of 26.72%.

This was disclosed by the National Bureau of Statistics (NBS) in its Consumer Price Index (CPI) report for September, released today.

The October 2023 headline inflation rate represents a 0.61 percent increase compared to the figure for the previous month.

The latest figure marks the tenth consecutive rise in the country’s inflation rate this year.

On a year-on-year basis, the headline inflation rate was 6.24 percent higher compared to the rate recorded in October 2022, which stood at 21.09 percent.

Every month, the rate of increase in inflation dropped by 0.37% compared to September.

Food continues to be the major driver of inflation, as food inflation rose to 1.52% on a year-on-year basis.

Food inflation by state revealed that Kogi State had the highest food prices with a food inflation rate of 41.74%, followed by Kwara (38.48%) and Lagos (37.37%).