High inflation, weak economic growth and mounting insecurity are major issues for voters as Nigeria heads for national and presidential elections in February, in which incumbent President Muhammadu Buhari will not take part in due to term limits.
The National Bureau of Statistics (NBS) attributed the rise in price levels in October to food supply disruptions, import cost hikes due to currency depreciation and a rise in production costs.
A separate food price index showed inflation at 23.72% in October, compared with 23.34% in September, as Africa's most populous country continued to face higher prices for staples like rice and bread.
Policy-makers in Africa's biggest economy maintain that persistent inflationary pressures are structural and largely imported. Analysts say inflation is driven by dollar scarcity, high diesel cost and excess liquidity.
Central Bank Governor Godwin Emefiele switched in May from a loose monetary policy to support weak economic growth to a tight policy after inflation hit its highest level since 2005.
Most analysts expect the central bank to hold the key rate at its current level of 15.50% next Tuesday after hikes totalling 400 basis points so far this year, as it attempted to rein in inflation.
It also announced plans to mop excess naira from mid-December to tighten money market conditions to curb inflation.
Nigeria's government expects inflation to remain in double digits, averaging 17.16% next year.
(Reporting by Chijioke Ohuocha; Editing by Estelle Shirbon and James Macharia Chege)
By Chijioke Ohuocha
