Nigeria’s inflation rate has surged to 33.88% in October 2024, marking an increase from the 32.7% recorded in September 2024.
The rise, as revealed in the latest report by the National Bureau of Statistics (NBS) on the Consumer Price Index (CPI), is primarily driven by significant hikes in transportation costs and food prices. This latest figure highlights a stark rise in inflation compared to the same period last year. October 2024’s inflation rate is 6.55 percentage points higher than the 27.33% recorded in October 2023, indicating a substantial year-on-year increase.
When considering the month-to-month inflation trend, the data shows a more modest, though still considerable, increase. The month-on-month inflation rate in October 2024 stood at 2.64%, which represents a 0.12% rise from the 2.52% recorded in September 2024.
A major driver of the inflationary surge has been the rising cost of food. Food inflation in October 2024 reached 39.16% on a year-on-year basis, a significant jump of 7.64 percentage points from the 31.52% recorded in October 2023. On a month-to-month basis, food inflation increased by 0.30%, climbing to 2.94% in October from the 2.64% reported in September.
The price increases in food have been particularly noticeable in several essential items. Prices for local and foreign beer, vegetable oils, groundnut oil, and palm oil have risen sharply. Additionally, prices for meats like beef and gizzards, along with popular products like Lipton tea, Milo, and Bournvita, have also seen substantial increases.
The overall food inflation rate for the twelve months leading up to October 2024 was 38.12%, reflecting an alarming 11.79 percentage point increase compared to the 26.33% recorded in October 2023. This highlights the growing strain on consumers as food prices continue to climb, contributing significantly to the broader inflationary pressures in the country.
