Nigeria’s inflation rate increased for the second consecutive month in October, reaching 33.88%
year-on-year, up from 32.70% in September, according to data from the statistics agency released on
Friday.
Inflation surged significantly in the latter half of last year after President Bola Tinubu devalued the
naira and removed subsidies in an effort to boost economic growth and stabilize public finances.
Although inflation began to ease in July this year as the effects of the naira devaluation subsided, a
series of petrol price hikes reignited inflationary pressures, deepening the most severe cost-of-living
crisis in decades for Africa’s most populous country.
In response, the central bank has raised interest rates five times this year in an attempt to curb
inflation. Another rate-setting meeting is scheduled for later this month.
