Nigeria’s headline inflation rate surged to 33.88% in October 2024, up from 32.7% in September 2024, marking a 1.18 percentage point month-on-month increase.
This was reported in the National Bureau of Statistics (NBS) Consumer Price Index (CPI) report, released on Friday.
The Bureau attributed the rise in inflation primarily to increased transportation costs and higher food prices.
On a year-on-year basis, the headline inflation rate was 6.55 percentage points higher than the rate recorded in October 2023 (27.33%).
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This indicates that the headline inflation rate in October 2024 was significantly higher compared to the same month in the previous year.
On a month-on-month basis, the NBS further noted that the headline inflation rate in October 2024 stood at 2.64%, which was 0.12% higher than the 2.52% recorded in September 2024. This reflects a higher rate of increase in the average price level in October compared to September.
Food Inflation
According to the NBS, the food inflation rate for October 2024 was 39.16% on a year-on-year basis, an increase of 7.64 percentage points compared to October 2023 (31.52%).
The rise in food inflation was attributed to the increased prices of the following items: Guinea Corn, Rice, Maize Grains, Yam, Water Yam, Coco Yam (Potatoes, Yam & Other Tubers), Palm Oil, Vegetable Oil (Oil & Fats), and Milo, Lipton, Bourvita (Coffee, Tea & Cocoa).
On a month-on-month basis, food inflation in October 2024 was 2.94%, a 0.30% increase compared to the 2.64% recorded in September 2024.
This rise was driven by the increased prices of Palm Oil, Vegetable Oil (Oil & Fats), Mudfish, Croaker (Apo), Fresh Fish (Obokun) (Fish), Dried Beef, Goat Meat, Mutton (Meat), and Bread, Guinea Corn Flour, Plantain Flour, Rice (Bread & Cereals).
The average annual food inflation for the twelve months ending in October 2024 was 38.12%, marking an 11.79% point increase from the previous twelve-month average recorded in October 2023 (26.33%).
