Nigeria’s inflation rate rose to 33.88% in October 2024, up from 32.7% recorded in September.
This increase, reflecting a 1.18 percentage point rise, was revealed in the Consumer Price Index report by the National Bureau of Statistics on Friday.
The NBS attributed the rise to higher transportation costs and food prices. Year-on-year, the inflation rate climbed by 6.55 percentage points from the 27.33% recorded in October 2023, showing significant economic pressure over the past year.
Food inflation in October stood at 39.16%, higher than September’s 37.77%. Month-on-month, it increased by 0.30 percentage points to 2.94%.
Key drivers included rising prices of cooking oils (vegetable, groundnut, and palm oil), meat products like beef and gizzard, and beverages like Lipton, Milo, and Bournvita.
The average annual food inflation rate for the 12 months ending in October was 38.12%, up by 11.79 percentage points from the 26.33% in October 2023.
Core inflation, excluding volatile agricultural produce and energy prices, was 28.37% year-on-year, an increase of 5.79 percentage points from 22.58% in October 2023. Major contributors were higher costs for transport, rent, meals at restaurants, and personal grooming services.
Urban inflation reached 36.38% year-on-year, up from 29.29% in October 2023, while rural inflation rose to 31.59% from 25.58%. Month-on-month, urban inflation stood at 2.75%, while rural inflation was 2.53%.
