Nigeria’s inflation rate surged to 33.88% in October, up from 32.7% in September, according to the latest data from the National Bureau of Statistics (NBS). This marks the second consecutive month of rising inflation, signaling persistent economic challenges for the country.
The NBS’ Consumer Price Index (CPI) report, released on Friday, reveals the sharp increase in annual inflation, driven by a combination of factors that have plagued Nigeria’s economy in recent months. Inflation began to accelerate in the second half of 2023, following significant economic policy shifts by President Bola Tinubu, including the devaluation of the naira and the removal of fuel subsidies. These moves were intended to stimulate economic growth and stabilise public finances but have led to inflationary pressures.
