The National Bureau of Statistics (NBS) has reported an increase in Nigeria’s inflation rate, which rose to 33.88% in October 2024. This marks a 1.18% rise compared to 32.70% recorded in September 2024.
Year-on-Year Inflation Increase
On a year-on-year basis, the inflation rate in October 2024 was 6.55% higher than the 27.33% recorded in October 2023.
The NBS report highlighted that the rise in inflation was driven by higher costs in several sectors, including:
- Food and non-alcoholic beverages
- Housing, water, electricity, and gas
- Transportation and furnishings
- Education and healthcare
Monthly Inflation Trends
The month-on-month inflation rate stood at 2.64%, a slight increase from 2.52% in September 2024. Food inflation, in particular, rose to 39.16% year-on-year, with staple items like rice, maize, beans, and palm oil contributing significantly to the hike.
Regional Insights
- Highest Year-on-Year Inflation: Bauchi (46.68%), Kebbi (40.02%), and Sokoto (39.65%).
- Lowest Year-on-Year Inflation: Delta (27.85%), Benue (28.22%), and Katsina (29.59%).
- Highest Month-on-Month Inflation: Kano (3.77%), Bauchi (3.74%), and Anambra (3.59%).
Food Inflation Details
The food inflation rate, influenced by rising costs of essential goods such as rice, yams, and fish, was highest in:
- Sokoto (52.18%)
- Edo (46.55%)
- Borno (45.85%)
Meanwhile, Kwara (31.68%) recorded the slowest rise in food inflation year-on-year.
Core Inflation Rate
The report also noted a core inflation rate of 28.37%, reflecting increases in transportation costs, rents, and household services.
Implications
The consistent rise in inflation underscores the challenges faced by Nigerian households and businesses, particularly as essential goods and services become increasingly expensive. Stakeholders are urged to address the structural and economic issues fueling these inflationary pressures.
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