Nigeria witnessed a surge in its headline inflation rate, reaching 27.33% in October, up from 26.72% in September, according to the Consumer Price Index report released by the National Bureau of Statistics on Wednesday.

The October 2023 inflation figure represents a 0.61% increase compared to the previous month. On a year-on-year basis, the inflation rate was 6.24% higher than the rate recorded in October 2022, indicating a notable increase over the same month in the preceding year.

Nigeria’s urban inflation was reported at 29.29%, while rural inflation stood at 25.58%. The report also highlighted a significant rise in food inflation, reaching 31.52%, an increase of 7.80 points compared to October 2022.

This marks the tenth occasion in 2023 that Nigeria has experienced an inflationary surge. Despite the Central Bank of Nigeria’s Monetary Policy Committee raising the Monetary Policy Rate to 18.5% in July to combat rising inflation, the trend has not been curbed.

In the face of these persistent challenges, the impact on the cost of living for both urban and rural residents is evident.