NBS said that on a year-on-year basis, the headline inflation rate in February 2024 was 9.79 per cent higher than the rate recorded in February 2023, which was 21.91 per cent.
The National Bureau of Statistics said Nigeria’s headline inflation rate increased to 27.33 per cent in October 2023.
According to the report, the figure of 1.72 per cent is higher than the 24.08 per cent recorded in July 2023.
The most recent development suggests that Nigeria’s inflation rate has reached its highest point since September 2005, when it was 24.32 per cent.
The new figure is an increase from the 20.77 per cent figure recorded in September.
The increase was 4.14 per cent points higher compared to the rate recorded in September 2021 at 16.63 per cent.
