Nigeria’s inflation rate surged to 33.88% in October 2024, up from 32.70% in the previous month, according to the latest Consumer Price Index (CPI) and Inflation report by the National Bureau of Statistics (NBS).
This significant increase in inflation is attributed to sharp rises in food prices and energy costs, particularly the steep hike in fuel prices.
The food inflation rate accelerated to 39.16% in October, up from 37.77% in September, as Nigerians continue to grapple with rising costs of essential items.
The fuel price crisis also played a critical role in the inflation spike. In October, the pump price of petrol jumped to over N1,030 per litre, up from N617 per litre in August 2024, putting further strain on household budgets and contributing to broader cost-of-living challenges.
Month-on-month, the country’s headline inflation climbed by 2.64% in October.
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The Central Bank of Nigeria’s Inflation Expectation Survey had earlier predicted the upward trend in inflation, largely driven by the persistent rise in energy prices.
The NBS report also highlighted how the cost of transportation and other goods and services, including housing and utilities, has continued to increase, compounding the economic challenges facing Nigerians.
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