Nigeria’s inflation rate surged to 33.88 percent in October 2024, up from 32.70 percent in the previous month, driven by increases in food and petrol prices, according to the latest Consumer Price Index and Inflation report from the National Bureau of Statistics (NBS) released on Friday.
On a month-to-month basis, the headline inflation rate for October 2024 was 2.64 percent. Food inflation also climbed, reaching 39.16 percent in October 2024, up from 37.77 percent in September 2024.
The Central Bank of Nigeria’s Inflation Expectation Survey, released on Tuesday, projected further increases in inflation as a result of ongoing economic pressures.
The report highlights a significant rise in energy costs during the review period, with the petrol pump price soaring above N1,030 per litre in October, compared to N617 in August 2024.
The increase in food and energy prices, compounded by broader economic challenges, has led to the rising inflation rate, which is having a substantial impact on the cost of living in Nigeria.
