Inflation rate surged to 33.88% in October 2024, up from 32.7% in the previous month, marking a notable month-on-month increase of 1.18 percentage points. This rise, as reported by the National Bureau of Statistics (NBS) in its Consumer Price Index (CPI) update, is primarily driven by climbing transportation costs and rising food prices.
Compared to the same period last year, the inflation rate has jumped significantly, with October 2024’s rate 6.55 percentage points higher than the 27.33% recorded in October 2023. This reflects a sharp acceleration in the rate of price increases over the past 12 months.
In terms of month-on-month changes, the headline inflation rate for October 2024 stood at 2.64%, a slight increase from the 2.52% recorded in September 2024. This suggests that the pace of price hikes has quickened somewhat, signaling persistent inflationary pressures.
Food inflation, in particular, showed a dramatic year-on-year increase. It rose to 39.16% in October 2024, up by 7.64 percentage points from the 31.52% recorded in the same month a year earlier. This sharp increase in food prices remains a significant concern for many Nigerians, as basic foodstuffs continue to become more expensive.
The latest data underscores the ongoing inflation challenges facing the Nigerian economy, highlighting the need for policy measures to address the rising cost of living.
