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…