By Jemimah Wellington, JKNewsMedia Reporter
NIGERIA’s HEADLINE inflation rate surged to 33.88% in October 2024, up from 32.7% in September, reflecting a 1.18 percentage point increase month-on-month.
The National Bureau of Statistics (NBS) in its latest Consumer Price Index (CPI) report attributed the rise to higher transportation costs and increasing food prices.
When compared to October 2023, the inflation rate for October 2024 is 6.55 percentage points higher, marking a sharp year-on-year increase from 27.33% to 33.88%.
The month-on-month inflation rate also saw a slight increase, rising from 2.52% in September to 2.64% in October, reflecting a higher rate of price growth.
Food inflation for October 2024 stood at 39.16% year-on-year, up by 7.64 percentage points from 31.52% recorded in the same month last year.
Key food items such as rice, yams, oil, and various meats saw significant price hikes.
On a month-on-month basis, food inflation rose by 2.94%, driven by increases in the prices of oil, fish, meat, and cereals.
The annual average food inflation rate for the 12 months ending October 2024 was 38.12%, up from 26.33% in the previous year.
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