WATCH THE VIDEO HERE Nigeria’s headline inflation rate rose to 33.88% in October 2024, up from 32.7% in September 2024 as Nigerians continue to grapple with the high cost of goods and services. This is according to the National Bureau of Statistics (NBS) Consumer Price Index (CPI) report, which attributed the rise in inflation to increased transportation costs and higher food prices. On a year-on-year basis, the rate was 6.55 percentage points higher than the 27.33% recorded in October 2023, highlighting a substantial increase in inflation over the past year. On a month-on-month basis, the headline inflation rate in October 2024 stood at 2.64%, representing a 0.12% increase from the 2.52% recorded in September 2024 This indicates that the rate of increase in the average price level in October 2024 was higher than the rate of increase observed in September 2024. The food inflation rate in October 2024 was 39.16% year-on-year compared to September 2024, when the inflation was 37.77%. Core inflation, which excludes the prices of volatile agricultural produce and energy, stood at 28.37% in October 2024 on a year-on-year basis, reflecting an increase of 5.79% compared to the 22.58% recorded in October 2023. The average twelve-month annual inflation rate stood at 26.12% for the twelve months ending October 2024, representing an increase of 6.14 percentage points compared to the 19.98% recorded in October 2023. On a year-on-year basis, the urban inflation rate in October 2024 was 36.38%, which was 7.09 percentage points higher than the 29.29% recorded in October 2023. On a month-on-month basis, the urban inflation rate stood at 2.75% in October 2024, marking an increase of 0.08 percentage points compared to 2.67% in September 2024.
Nigeria’s inflation rate rises to 33.88% in October 2024
