Patrick Idowu with Agency Report
The National Bureau of Statistics (NBS) has reported a significant surge in Nigeria’s inflation rate, which rose to 33.88% in October 2024, marking a 1.18% increase from September’s 32.70%.
In its Consumer Price Index and Inflation Report released on Friday, the NBS revealed that October’s inflation rate was 6.55% higher than the 27.33% recorded in the same period last year.
Month-on-month inflation also climbed to 2.64%, slightly above September’s 2.52%, driven by higher costs in food, housing, utilities, and transportation.
Food inflation reached an alarming 39.16% year-on-year, attributed to rising prices of staples like rice, maize, yam, palm oil, and protein items such as fish and goat meat.
Sokoto recorded the highest food inflation at 52.18%, while Kwara had the lowest at 31.68%.
Urban areas faced steeper inflation rates at 36.38%, compared to rural areas at 31.59%.
Bauchi recorded the highest overall inflation at 46.68%, while Delta had the lowest at 27.85%.
The NBS cited the deregulation of petrol prices and increases in the cost of essential goods and services as significant contributors.
The agency emphasized the urgent need for economic measures to address the rising cost of living and its impact on Nigerians.
