Nigeria’s inflation rate rises to 33.88 per cent in October
National Bureau of Statistics NBS
Abdullateef Fowewe
In October 2024, the Headline inflation rate was 33.88% relative to the September 2024 headline inflation rate of 32.70%, according to the National Bureau of Statistics (NBS) report on Consumer Price Index (CPI) for October.
Looking at the movement, the October 2024 Headline inflation rate increased by 1.18% points compared to the September 2024 Headline inflation rate.
On a year-on-year basis, the Headline inflation rate was 6.55% points higher than the rate recorded in October 2023 (27.33%). This shows that the Headline inflation rate (year-on-year basis) increased in October 2024 when compared to the same month in the preceding year (i.e., October 2023).
Furthermore, on a month-on-month basis, the Headline inflation rate in October 2024 was 2.64%, which was 0.12% higher than the rate recorded in September 2024 (2.52%). This means that in October 2024, the rate of increase in the average price level was higher than the rate of increase in the average price level in September 2024.
The percentage change in the average CPI for the twelve months ending October 2024 over the average for the previous twelve-month period was 32.26%, showing an 8.82% increase compared to 23.44% recorded in October 2023.
The Food inflation rate in October 2024 was 39.16% on a year-on-year basis, 7.64% points higher compared to the rate recorded in October 2023 (31.52%). 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, Rice, etc (Bread and Cereals Class), Yam, Water Yam, Coco Yam, etc (Potatoes, Yam & Other Tubers Class), Palm Oil, Vegetable Oil, etc (Oil and Fats Class) and Milo Lipton, Bourvita, etc (Coffee, Tea & Cocoa Class).
On a month-on-month basis, the Food inflation rate in October 2024 was 2.94% which shows a 0.30% increase compared to the rate recorded in September 2024 (2.64%). The rise can be attributed to the rate of increase in the average prices of Palm Oil, Vegetable oil, etc (Oil & Fats Class), Mudfish, Croaker (Apo), Fresh fish (Obokun), etc (Fish Class), Dried Beef, Goat Meat, Mutton, Skin meat, etc (Meat Class), and Bread, Guinea Corn flour, Plantain flour, Rice, etc (Bread and Cereals Class).
The average annual rate of Food inflation for the twelve months ending October 2024 over the previous twelve-month average was 38.12%, which was an 11.79% points increase from the average annual rate of change recorded in October 2023 (26.33%).
