Nigeria’s inflation rate soared to 33.88% in October 2024, increasing from 32.7% in September 2024.
The report from the National Bureau of Statistics (NBS) on the Consumer Price Index (CPI) attributes this inflationary surge primarily to rising transportation and food costs.
It reports that Adamawa, Sokoto and Yobe states were the worst hit by food inflation.
According to the agency, when compared to the same period last year, the inflation rate reveals a significant jump. The October 2024 rate of 33.88% is 6.55 percentage points higher than the 27.33% recorded in October 2023.
On a month-to-month basis, the increase, while smaller, is still noteworthy. The inflation rate for October 2024 rose to 2.64%, marking a gain of 0.12% from the 2.52% recorded in September 2024.
Food prices were also said to have escalated sharply.
In October 2024, it stated, the year-on-year food inflation rate reached 39.16%, a rise of 7.64 percentage points from the 31.52% noted in October 2023.
Month-on-month, food inflation increased by 0.30%, climbing to 2.94% from the 2.64% recorded in September 2024.
The report further stated, “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 caused by 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. (Oil and Fats Class) and Milo Lipton, Bournvita, etc,, (Coffee, Tea & Cocoa Class).
“On a month-on-month basis, the food inflation rate in October 2024 was 2.94% which shows a 0.30% increase compared to the rate recorded in September 2024 (2.64%).
“The rise can be attributed to the rate of increase in the average prices of Palm Oil, Vegetable oil, etc (Oil & Fats Class), Mudfish, Croaker (Apo), Fresh fish (Obokun), etc (Fish Class), Dried Beef, Goat Meat, Mutton, Skin meat, etc (Meat Class), and Bread, Guinea Corn flour, Plantain flour, Rice, etc (Bread and Cereals Class).
“The average annual rate of Food inflation for the twelve months ending October 2024 over the previous twelve-month average was 38.12%, which was an 11.79% point increase from the average annual rate of change recorded in October 2023 (26.33%).”
The NBS report noted: “All items less farm produces and energy” or Core inflation, which excludes the prices of volatile agricultural produces and energy stood at 28.37% in October 2024 on a year-on-year basis; rose by 5.79% when compared to the 22.58% recorded in October 2023.
“The highest increases were recorded in prices of the following items, Bus Journey within the city, Journey by motorcycle Bus journey intercity, etc (under Passenger Transport by Road Class), Rents (Actual and Imputed Rentals for Housing Class), Meal at a local Restaurant (Accommodation Service Class), and hair cut service, woman hair brush, women’s hairdressing, etc (Hairdressing salons & personal grooming establishments Class),” it stated.
