Nigeria’s inflation rate rose to 33.88% in October 2024, up from 32.7% in September, according to the National Bureau of Statistics (NBS). The year-on-year inflation increased by 6.55 percentage points compared to October 2023’s 27.33%. On a monthly basis, the inflation rate was 2.64% in October, slightly higher than September’s 2.52%.
Food prices surged significantly, with the food inflation rate climbing to 39.16% in October, up from 33.77% in September. The NBS attributed the rise to increased costs of staples like rice, yam, maize, and cooking oils. Sokoto, Edo, and Borno states experienced the highest food inflation, while Kwara, Kogi, and Rivers saw the slowest rises.
The report also highlighted that on a month-to-month basis, Sokoto, Adamawa, and Yobe had the steepest hikes, while Kwara and Ondo recorded minimal increases. Rising food costs continue to intensify the burden on households across the country.
