Nigeria’s inflation rate climbed to 33.88% in October 2024, up from 32.70% in September, driven by rising food and petrol prices.
This was revealed in the Consumer Price Index and Inflation report for October 2024, release today by the National Bureau of Statistics (NBS).
On a month-on-month basis, the country’s headline inflation rate for October 2024 stood at 2.64%.
Food inflation surged to 39.16% in October 2024, up from 37.77% in September, according to recent data.
The Central Bank of Nigeria’s Inflation Expectation Survey, published on Tuesday, forecasted a further increase in the country’s inflation rate.
Reporter, reports that energy costs also spiked during this period, with petrol prices soaring to over ₦1,030 per liter in October, compared to ₦617 in August 2024.
