JUST IN: Nigeria’s inflation rate increases to 33.88% as food prices soar

On a year-on-year basis, the rate was 6.55 percentage points higher than the 27.33% recorded in October 2023, highlighting a substantial increase in inflation over the past year.

On a month-on-month basis, the headline inflation rate in October 2024 stood at 2.64%, representing a 0.12% increase from the 2.52% recorded in September 2024

This indicates that the rate of increase in the average price level in October 2024 was higher than the rate of increase observed in September 2024.

Meanwhile, the food inflation rate in October 2024 stood at 39.16% year-on-year, an increase of 7.64 percentage points compared to the 31.52% recorded in October 2023.

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On a month-on-month basis, the food inflation rate rose to 2.94%, a 0.30% increase from the 2.64% recorded in September 2024.

This increase was driven by rising prices of items such as local and foreign beer in the tobacco class, vegetable oil, groundnut oil, and palm oil in the oil and fats class, as well as beef, gizzard, dried beef in the meat class, and products like Lipton, Milo, and Bournvita.

The average annual food inflation rate for the twelve months ending in October 2024 was 38.12%, representing an 11.79 percentage point increase from the 26.33% recorded in October 2023.

The core inflation, which excludes the prices of volatile agricultural produce and energy, stood at 28.37% in October 2024 on a year-on-year basis, reflecting an increase of 5.79% compared to the 22.58% recorded in October 2023.

The highest increases were observed in the prices of items such as bus journeys within the city, motorcycle journeys, and intercity bus journeys (under the Passenger Transport by Road category); rents (both actual and imputed rentals under the Housing category); meals at local restaurants (under the Accommodation Services category); and services such as haircuts, women’s hairbrushes, and women’s hairstyling (under Hairdressing Salons and Personal Grooming Establishments).

On a month-on-month basis, the core inflation rate was 2.14% in October 2024, slightly higher by 0.04% than the 2.10% recorded in September 2024.

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