Nigeria's headline inflation rate has surged to 33.88% in October 2024, marking a 1.18 percentage point increase from September 2024's rate of 32.7%.
The information released on Friday by the Nigerian National Bureau of Statistics (NBS) Consumer Price Index (CPI) revealed the significant jump is primarily attributed to rising transportation costs and higher food prices.
“The food inflation rate in October 2024 was 39.16% on a year-on-year basis, 7.64% points higher compared to the rate recorded in October 2023 (31.52%),” NBS says.
The agency added the rise in food inflation on a year-on-year basis was caused by increases in prices of the following items, such as Guinea corn, rice, maize grains, and oil.
Economic crisis
The figures also showed the inflation rate has been steadily rising throughout 2024. In June, the headline inflation rate increased to 34.19%, up from May's rate of 33.95%.
Nigerians are facing one of the West African nation’s worst economic crises in years with monetary policies that have pushed the currency to an all-time low against the dollar.
The situation provoked anger and protests across the country.
Shortly after taking the reins of power in May last year, President Bola Tinubu announced the end of costly gas subsidies, which the government said were no longer sustainable.
However, analysts say there were no adequate measures to contain the shocks that were bound to come as a result of reforms.
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