- Safiu Kehinde
Nigeria’s inflation rate, has soared to 33.88% in October which saw 1.18 percent increase as compared to 32.70% recorded in September 2024.
This was contained in the National Bureau of Statistics (NBS) Consumer Price Index (CPI) report released on Friday in Abuja.
On a year-on-year basis, the Headline inflation rate was 6.55% points higher than the rate recorded in October 2023 (27.33%).
This shows that the Headline inflation rate (year-on-year basis) increased in October 2024 when compared to the same month in the preceding year (i.e., October 2023).
Further breakdown on a month-on-month basis showed that the headline inflation rate in October 2024 was 2.64%, which was 0.12% higher than the rate recorded in September 2024 (2.52%).
This means that in October 2024, the rate of increase in the average price level was higher than the rate of increase in the average price level in September 2024.”
The NBS also said the food inflation rate in October surged to 39.16 percent, compared to 33.77 percent in September.
On a year-on-year basis, the food inflation rate was 7.64 percent higher compared to the rate recorded in October 2023 (31.52 percent).
“The rise in food inflation on a year-on-year basis was caused by increases in prices of the following items: guinea corn, rice, maize grains, etc (Bread and Cereals Class), Yam, Water Yam, Coco Yam, etc (Potatoes, Yam & Other Tubers Class), Palm Oil, Vegetable Oil, etc (Oil and Fats Class) and Milo Lipton, Bourvita, etc (Coffee, Tea & Cocoa Class),” the bureau added.