Nigeria’s inflation rate has surged to 33.88% in October, marking a significant increase from 32.7% in September, according to the National Bureau of Statistics. This escalation reflects the country’s ongoing economic challenges, particularly in Abuja and ten other states where the impact is most pronounced.
The rise is linked to the removal of fuel subsidies and the devaluation of the naira, part of economic reforms initiated under President Bola Tinubu. These measures, though aimed at long-term recovery, have worsened inflationary pressures—especially in the food sector.
“The spike in inflation can be attributed to the significant contributions from food and non-alcoholic beverages, which saw a year-on-year increase to 40.01% in March, up from 37.92% the previous month.”
In response, the Central Bank of Nigeria has raised interest rates five times this year. “The Central Bank of Nigeria has implemented five interest rate hikes this year, with further rate-setting meetings scheduled.”