Nigeria’s headline inflation rate rose to 33.88 per cent in October from the 32.70 per cent recorded in September, the National Bureau of Statistics (NBS) Report has said.
The NBS said the October 2024 headline inflation rate increased by 1.18 per cent points compared to the September 2024 rate.
The NBS noted that on a year-on-year basis, the headline inflation rate was 6.55 per cent points higher than the rate recorded in October 2023 (27.33 per cent).
A report by the bureau went on to state that food inflation rate in October 2024 was 39.16 per cent on a year-on-year basis, which was 7.64 per cent points higher compared to the rate recorded in October 2023 (31.52 per cent).
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It stated that 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, etc (bread and cereals class), yam, water yam, coco yam, etc (potatoes, yam and other tubers class); palm oil, vegetable oil, etc (oil and fats class) and Milo Lipton, Bournvita, etc (coffee, tea and cocoa class).
It also stated that on a month-on-month basis, the food inflation rate in October 2024 was 2.94 per cent, which shows a 0.30 per cent increase compared to the rate recorded in September 2024 (2.64 per cent).
The report stated that the rise can be attributed to the rate of increase in the average prices of palm oil, vegetable oil, fish, meat, flour, among others.
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