Nigeria’s headline inflation rate surged to 33.88% in October 2024, according to the National Bureau of Statistics (NBS). The Consumer Price Index (CPI) and Inflation Report, released on Friday in Abuja, revealed a 1.18 percentage point increase from the 32.70% recorded in September 2024.
On a year-on-year basis, inflation was 6.55 percentage points higher than the 27.33% recorded in October 2023, reflecting the ongoing rise in the cost of goods and services.
Inflation Drivers
The NBS report highlighted that inflationary pressure was driven by rising prices in several sectors, including food and non-alcoholic beverages, housing, electricity, gas, and other utilities. Clothing, footwear, transport, and household maintenance were also key contributors to the higher inflation rate.
Month-on-month, inflation stood at 2.64% for October 2024, slightly higher than the 2.52% recorded in September. The average CPI for the 12 months leading to October 2024 rose by 32.26%, an 8.82 percentage point increase from the 23.44% recorded during the same period in 2023.
Food Inflation
Food prices saw a significant jump, with food inflation for October 2024 reaching 39.16% year-on-year, up from 31.52% in October 2023. Staples like guinea corn, rice, maize, and yams, as well as palm oil, vegetable oil, and popular beverages like Lipton and Milo, were among the key drivers of the increase.
On a month-on-month basis, food inflation was 2.94%, up from 2.64% in September 2024. This rise was attributed to increased prices of fish, meat, and various cooking oils.
Core Inflation and Regional Impact
Core inflation, which excludes volatile agricultural products and energy, hit 28.37% in October 2024, a 5.79 percentage point rise from October 2023. The report noted that transportation, rent, meals, and personal care services saw the most significant price hikes.
Urban inflation reached 36.38% year-on-year in October, while rural inflation was 31.59%. Bauchi recorded the highest inflation rate of 46.68%, with Delta experiencing the slowest increase at 27.85%.
Credit: NAN (Text Excluding Headline)
