Nigeria’s headline inflation rate rose to 33.88% in October 2024, up from 32.7% in September 2024, reflecting a 1.18%-point month-on-month increase.
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%-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 stood at 39.16% year-on-year, an increase of 7.64%-points compared to the 31.52% recorded in October 2023.
On a month-on-month basis, the food inflation rate rose to 2.94%, a 0.30% increase from the 2.64% recorded in September 2024.
This increase was driven by rising prices of items such as local and foreign beer in the tobacco class, vegetable oil, groundnut oil, and palm oil in the oil and fats class, as well as beef, gizzard, dried beef in the meat class, and products like Lipton, Milo, and Bournvita.
The average annual food inflation rate for the twelve months ending in October 2024 was 38.12%, representing an 11.79 %-point increase from the 26.33% recorded in October 2023.
Using data from the NBS on inflation rates, here is an analysis of the ten most expensive states in Nigeria in October 2024:
Kaduna recorded an all-item inflation rate of 35.79% in October 2024, an increase from 34.82% in September 2024, reflecting a 0.97%-point rise.
Zamfara’s all-item inflation rate stood at 36.33% in October, an increase of 1.4%-points from the 34.93% recorded in September.
In October 2024, Abia recorded an all-item inflation rate of 36.72%, up from 35.0% in September, marking a significant 1.72 %-point increase.
Gombe experienced an all-item inflation rate of 36.88% in October, slightly higher than the 36.4% recorded in September, a modest 0.48%-point increase.
In October 2024, Anambra’s all-item inflation rate reached 37.49%, an increase of 1.33%-points from the 36.16% recorded in September.
Kano recorded an all-item inflation rate of 37.61% in October, a significant jump from 34.46% in September, marking a 3.15%-point increase.
Kano recorded an all-item inflation rate of 37.61% in October, a significant jump from 34.46% in September, marking a 3.15%-point increase.
Jigawa’s all-item inflation rate stood at 38.31% in October, showing a slight decline from 38.4% in September, a 0.09%-point drop.
Sokoto recorded an all-item inflation rate of 39.66% in October, up from 38.7% in September, a 0.96%-point increase.
Bauchi maintains the top of the list of the most expensive states to live in Nigeria in October 2024, with an all-item inflation rate of 46.68%, a sharp increase from 44.8% in September, representing a 1.88%-point rise.