Nigeria’s Inflation Climbs to 33.88% in October Amid Rising Food, Fuel Costs
Nigeria’s inflation rate surged to 33.88 percent in October 2024, up from 32.70 percent the previous month, driven primarily by significant hikes in food and fuel prices.
The National Bureau of Statistics (NBS) released the Consumer Price Index and Inflation report on Friday, revealing that month-on-month, the country’s headline inflation rate rose by 2.64 percent in October as this increase marks a concerning continuation of inflationary pressure on the Nigerian economy.
Food inflation saw a notable rise, reaching 39.16 percent in October, compared to 37.77 percent in September as the soaring cost of food items continues to impact Nigerian households, with many struggling to keep up with the price increases on essential goods. This persistent rise in food prices is one of the key drivers of the overall inflation rate, which has been steadily climbing throughout 2024.
In addition to food inflation, rising energy costs have added to the financial strain on Nigerians. Petrol prices, which have already been a significant source of inflationary pressure, increased further in October, with the pump price surpassing N1,030 per liter, up from N617 per liter in August. The sharp rise in fuel prices has contributed to higher transportation and production costs, further driving up the cost of living across the country.
The Central Bank of Nigeria’s recent Inflation Expectation Survey, published earlier this week, also forecasted a continued rise in inflation, reflecting the ongoing economic challenges. With energy prices and food costs continuing to climb, there are concerns that inflation may remain elevated in the coming months, putting additional pressure on Nigeria’s economic recovery.
