Nigeria’s inflation returns to 2005 level, increases to 28.2%

The consumer price index (CPI), which measures the rate of change in prices of goods and services, rose to 28.2 percent in October 2023 — up from 27.33 percent in the previous month.

This was disclosed by the National Bureau of Statistics (NBS) in its CPI report for November released on Friday.

The latest figure marks the eleventh consecutive rise in the country’s inflation rate this year.

This is not the first time the country is experiencing a high inflation figure of 28.2 percent. In August 2005, the country’s inflation stood at 28.2 percent.