Nigeria’s inflation rose to 33.88% in October — NBS

Nigeria’s inflation rate surged to 33.88% in October 2024, up from 32.70% in September, according to the Consumer Product Index report released by the National Bureau of Statistics on Friday.

The movement indicated a 1.18 per cent point increase month-on-month.

On a year-on-year basis, the headline inflation rate was 6.55 per cent points higher than the rate recorded in October 2023 which was 27.33 per cent.

“On a month-on-month basis, the Headline inflation rate in October 2024 was 2.64 per cent, which was 0.12 per cent higher than the rate recorded in September 2024 (2.52 per cent).

“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 executive summary of the report partly read.

On a month-on-month basis, the food inflation rate in October 2024 was 2.94 per cent which shows a 0.30 per cent increase compared to the rate recorded in September 2024 (2.64 per cent).

“The rise can be attributed to the rate of increase in the average prices of Palm Oil, Vegetable oil, etc (Oil & Fats Class), Mudfish, Croaker (Apo), Fresh fish (Obokun), etc (Fish Class), Dried Beef, Goat Meat, Mutton, Skin meat, etc (Meat Class), and Bread, Guinea Corn flour, Plantain flour, Rice, etc (Bread and Cereals Class). Punch