The National Bureau of Statistics (NBS) says Nigeria’s inflation rate rose to 33.88 percent in October, up from 32.7 percent in September, as indicated in the latest Consumer Price Index (CPI) report released on Friday.
The CPI tracks changes in the prices of goods and services, with October’s headline inflation showing an increase of 1.18 percentage points from the previous month. On a year-over-year basis, the October inflation rate was 6.55 percentage points higher than the 27.33 percent recorded in October 2023, marking a significant annual increase.
Month-to-month, the headline inflation rate for October was 2.64 percent, marginally up from 2.52 percent in September, highlighting a slight uptick in the pace of price increases.
Food Inflation Hits 39.16% Due to Higher Prices of Staple Goods
Food inflation surged to 39.16 percent in October from 33.77 percent in September, attributed to rising costs in essential items. Year-over-year, food inflation increased by 7.64 percentage points from the 31.52 percent recorded in October 2023. The NBS identified higher prices in items like rice, maize, yam, palm oil, and other vegetable oils as the primary drivers.
On a monthly basis, food inflation in October reached 2.94 percent, a 0.3 percent rise from the 2.64 percent in September, driven by increased costs in fish, meat, oils, and grains.
Regional Breakdown of Food Inflation
According to the NBS, Sokoto (52.18 percent), Edo (46.55 percent), and Borno (45.85 percent) recorded the highest annual food inflation in October. In contrast, Kwara (31.68 percent), Kogi (33.30 percent), and Rivers (33.87 percent) saw the lowest annual increases.
On a month-to-month basis, Adamawa (5.08 percent), Sokoto (4.86 percent), and Yobe (4.34 percent) experienced the highest food inflation increases.
The report concludes that the average annual rate of food inflation for the 12 months ending October 2024 was 38.12 percent, up by 11.79 percentage points from the 26.33 percent rate for the same period last year.
 says Nigeria's inflation rate rose to 33.88 percent in October, up from 32.7 percent in September, as indicated in the latest Consumer Price Index (CPI) report released on Friday.){kind=link}