Nigeria’s Inflation Rises To 33.88% 

The surge in food and fuel prices has driven Nigeria’s inflation rate to 33.88% in October 2024, up from 32.70% in September, according to the latest report from the National Bureau of Statistics (NBS).

The NBS released its Consumer Price Index and Inflation report for October on Friday, revealing that the month-on-month headline inflation rate stood at 2.64%.

Food inflation also recorded a significant increase, rising to 39.16% in October compared to 37.77% in the previous month.

Earlier in the week, the Central Bank of Nigeria’s Inflation Expectation Survey had forecasted a rise in the nation’s inflation rate, which has now been confirmed.

Naija News reports that energy costs have seen a sharp increase during the period under review. Petrol prices soared to over ₦1,030 per litre in October, up from ₦617 per litre recorded in August 2024.

The headline inflation rate for October 2024 increased by 6.55 percentage points compared to the same month in the previous year, rising from 27.33% in October 2023. This reflects a significant year-on-year rise in the inflation rate.

On a month-to-month comparison, the National Bureau of Statistics (NBS) reported a 2.64% inflation rate for October 2024, which was slightly higher by 0.12% than the 2.52% recorded in September 2024. This indicates a slight acceleration in the rate of price increases in October compared to the previous month.

In terms of food inflation, the NBS revealed that the food inflation rate in October 2024 stood at 39.16%, a substantial 7.64% increase from the 31.52% recorded in October 2023. This surge in food inflation was driven by rising prices in various food categories, including Guinea Corn, Rice, Maize Grains, Yam, Palm Oil, Vegetable Oil, and items such as Milo, Lipton, and Bournvita.

Month-on-month, the food inflation rate rose by 2.94% in October 2024, marking a 0.30% increase over the 2.64% recorded in September 2024. The monthly increase was largely attributed to price hikes in Palm Oil, Vegetable Oil, Mudfish, Croaker, Fresh Fish, and various meat products, alongside staple foods such as Rice, Bread, and Plantain Flour.

Over the past year, the average annual rate of food inflation for the twelve months leading to October 2024 was 38.12%. This marked an increase of 11.79 percentage points from the rate of 26.33% recorded in October 2023.