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.
Naijaonpoint 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.
Details later….