The annual inflation rate in Nigeria increased to 27.33 percent in October, up from 26.72 percent the previous month.

The National Bureau of Statistics (NBS) revealed this in its consumer price index report for September, which was released on Tuesday, November 14.

The CPI monitors the rate at which prices for goods and services differ.

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

The statistics office said the October 2023 headline inflation rate showed an increase of 0.61 percent points when compared to the September 2023 headline inflation rate.

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

It said: “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).”