The National Bureau of Statistics stated that Nigeria’s headline inflation rate rose to 33.88% in October 2024, up 1.18% from 32.70% in September.
The fugure also represents a 6.55% increase from October 2023, when inflation stood at 27.33%.
According to the report released on Friday by the Statistician General of the Federation, Adeyemi Adeniran, the rise in inflation was fueled by higher prices in key sectors, including food, housing, transport, and utilities.
“The increase in the headline index for October 2024 was attributed to the rise in the average price of items in the basket of goods and services, especially food and non-alcoholic beverages, which accounted for 17.55%,” Adeniran stated.
Other factors were housing, water, electricity, and gas (5.67%); transportation (2.20%); and clothing and footwear (2.59%). Food inflation rises sharply.
The food sub-index increased to 39.16% year on year in October, up from 31.52% in October 2023, driven by price rises in bread, cereals, tubers, and oils.
On a monthly basis, food inflation was 2.94%, up 0.30% from September 2024.
“The rise in food inflation was caused by increases in the average prices of palm oil, vegetable oil, fresh fish, dried beef, and cereals like rice and maize,” according to Adeniran.
Urban inflation climbed to 36.38% year-on-year, while rural inflation reached 31.59%, representing increases of 7.09% and 6.01% compared to October 2023, respectively.
Month after month, urban inflation increased by 2.75%, while rural inflation increased by 2.53%.
State by state analysis showed that Bauchi had the highest year-on-year inflation rate (46.68%), followed by Kebbi (40.02%) and Sokoto (39.64%).
Delta (27.85%), Benue (28.22%), and Katsina (29.59%) had the lowest percentages.
Sokoto had the highest food inflation rate at 52.18%, followed by Edo (46.55%) and Borno (45.85%).
Conversely, Kwara (31.68%), Kogi (33.30%), and Rivers (33.87%) had the lowest year-on-year food inflation rates and economic implications.
Rising inflation highlights significant economic hardships for Nigerian households, with food and housing expenses accounting for majority of the increase.
Analysts expect inflationary pressures to endure, emphasising the need for specific initiatives to stabilise prices and reduce individuals’ financial burdens.
