The rate at which prices of goods and services rise in the country continued to spiral upwards amidst higher fuel costs and depreciating naira as the headline inflation increased to 27.33 per cent year on year in October 2023.
Latest inflation data released by the National Bureau of Statistics (NBS) showed that the October inflation figure was 0.61 per cent higher than 26.72 per cent that was recorded in September 2023.
On a monthly basis, the headline index fell to 1.91 per cent in October, down by 36 basis points relative to the 2.45 per cent month on month ease recorded in September.
According to the NBS, food inflation increased by 31.52 per cent YoY in October 2023 signalling a 0.88 per cent increase over the 30.64 per cent recorded in the previous month.
Commenting on the inflation data, director, Corporate Communications of the Central Bank of Nigeria (CBN), Dr. Isa AbdulMumin, commenting on the inflation rate, expressed optimism that the low rate of increase in the average price level in October compared to September 2023, was a pointer to the fact that the Bank’s monetary policy stance to tighten rates and its money market reforms were yielding the desired effect. Aggressive monetary tightening using various liquidity mechanisms including removing the cap on the Standing Deposit Facility (SDF) and Open Market Operations had raised Open Buy Back (OBB) rates from less than one per cent in August to their expected levels around the monetary policy rate today.
In spite of 0.61 per cent increase in the headline inflation rate from 26.72 per cent in September 2023 to 27.33 per cent in October 2023, Isa remained upbeat that the CBN was headed in the desired direction in terms of achieving price stability.
The rate at which prices of goods and services rise in the country continued to spiral upwards amidst higher fuel costs and depreciating naira as the headline inflation increased to 27.33 per cent year on year in October 2023.
Latest inflation data released by the National Bureau of Statistics (NBS) showed that the October inflation figure was 0.61 per cent higher than 26.72 per cent that was recorded in September 2023.
On a monthly basis, the headline index fell to 1.91 per cent in October, down by 36 basis points relative to the 2.45 per cent month on month ease recorded in September.
According to the NBS, food inflation increased by 31.52 per cent YoY in October 2023 signalling a 0.88 per cent increase over the 30.64 per cent recorded in the previous month.
Commenting on the inflation data, director, Corporate Communications of the Central Bank of Nigeria (CBN), Dr. Isa AbdulMumin, commenting on the inflation rate, expressed optimism that the low rate of increase in the average price level in October compared to September 2023, was a pointer to the fact that the Bank’s monetary policy stance to tighten rates and its money market reforms were yielding the desired effect. Aggressive monetary tightening using various liquidity mechanisms including removing the cap on the Standing Deposit Facility (SDF) and Open Market Operations had raised Open Buy Back (OBB) rates from less than one per cent in August to their expected levels around the monetary policy rate today.
In spite of 0.61 per cent increase in the headline inflation rate from 26.72 per cent in September 2023 to 27.33 per cent in October 2023, Isa remained upbeat that the CBN was headed in the desired direction in terms of achieving price stability.
