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Nigeria Inflation October 2023

Nigeria: Inflation increases in October

Inflation rose to 27.3% in October, following September’s 26.7%. October’s result marked the highest inflation rate since August 2005. Looking at the details of the release, prices for food and housing and utilities increased at a faster rate in October. In contrast, prices for transportation rose at a slower pace.

Annual average inflation rose to 23.4% in October (September: 22.9%). Meanwhile, core inflation rose to 22.7% in October, from the previous month’s 22.1%.

Lastly, consumer prices rose 1.73% in October over the previous month, which was below the 2.10% rise recorded in September. October’s result marked the lowest reading since February.

Analysts at the EIU commented:

“Inflation has continued to rise throughout 2023, and the pace has quickened since June owing to market reforms, which are likely to have powerful second-round pass-through effects. Currency losses on the parallel market, where a sizable share of foreign exchange is transacted, will be a major driver of imported inflation into 2024”

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