Nigeria’s inflation rate surged to 33.88% in October 2024, up from 32.70% recorded in September, according to the latest Consumer Price Index and Inflation report released by the National Bureau of Statistics (NBS) on Friday.
The report highlights a sharp increase in food inflation, which reached 39.16% in October, compared to 37.77% in the previous month. On a month-on-month basis, inflation rose by 2.64%, signaling sustained pressure on consumer prices.
The spike in inflation has been attributed to rising energy costs, with the price of petrol climbing to over ₦1,030 per litre in October, a steep increase from ₦617 in August.
The Central Bank of Nigeria’s Inflation Expectation Survey, published earlier this week, had predicted the rise, citing higher costs of food and energy as major contributors.
