Nigeria’s headline inflation rate increased to 33.88% in October 2024, up from 32.7% in September 2024, reflecting a 1.18 percentage point month-on-month increase.
This was contained in the National Bureau of Statistics (NBS) Consumer Price Index (CPI) report released on Friday.
The Bureau attributed the rise in inflation to increased transportation costs and higher food prices.
On a year-on-year basis, the headline inflation rate was 6.55% points higher than the rate recorded in October 2023 (27.33%).
This indicates that the headline inflation rate increased in October 2024 when compared to the same month in the preceding year.
This means that in October 2024, the rate of increase in the average price level was higher than the rate of increase in the average price level in September 2024.
According to the NBS, the food inflation rate in October 2024 was 39.16% on a year-on-year basis, 7.64% points higher compared to the rate recorded in October 2023 (31.52%).
The rise in food inflation on a year-on-year basis was attributed to increases in prices of the following items: Guinea Corn, Rice, Maize Grains, Rice, etc (Bread and Cereals Class), Yam, Water Yam, Coco Yam, etc (Potatoes, Yam & Other Tubers Class), Palm Oil, Vegetable Oil, etc.
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