Rising costs for food and fuel have driven Nigeria’s inflation rate to 33.88 per cent in October 2024, an increase from the previous month’s rate of 32.70 per cent.
The National Bureau of Statistics, NBS, announced this information on Friday in its report on the Consumer Price Index and Inflation for October 2024.
Analyzing the figures, the inflation rate in Nigeria for October 2024, compared to the previous month, was 2.64 per cent.
This increase is particularly noticeable in the food inflation rate, which jumped to 39.16 per cent in October 2024, up from 37.77 per cent in September 2024.
The Central Bank of Nigeria’s (CBN) Inflation Expectation Survey, published on Tuesday, indicated a forecast for higher inflation in Nigeria.
It is worth noting that the cost of energy in Nigeria has increased during this period, with the price of petrol at the pump reaching N1,030 per liter in October, a significant rise from N617 per litre in August 2024.
