Nigeria’s inflation rate for the eleventh consecutive month rose higher, reaching 28.2 percent in October 2023, according to the National Bureau of Statistics (NBS).
The NBS which made this known on Friday in its CPI report for November said the consumer price index (CPI), which measures the rate of change in prices of goods and services, rose to 28.2 percent in October 2023 — up from 27.33 percent in the previous month.
As Nigerians enter the yuletide season, the latest rate represents a month-on-month increase of 0.87%, surpassing the October 2023 rate of 27.33%.
