Nigeria’s annual inflation rate rose to 27.33 per cent in October from 26.72 per cent in the previous month.

This was disclosed by the National Bureau of Statistics (NBS) in its consumer price index report for September.

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 per cent 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 per cent points higher compared to the rate recorded in October 2022, which was (21.09 per cent).