Rising Food and Fuel Prices Drive Nigeria’s Inflation to 33.88% in October

Nigeria’s inflation rate surged to 33.88 percent in October 2024, up from 32.70 percent in September, driven by soaring food and petrol prices, according to the National Bureau of Statistics (NBS).

The data, revealed in the October 2024 Consumer Price Index and Inflation report released on Friday, shows a month-on-month headline inflation rate of 2.64 percent.

Food inflation climbed sharply to 39.16 percent in October, compared to 37.77 percent the previous month.

Meanwhile, the Central Bank of Nigeria’s Inflation Expectation Survey, published on Tuesday, forecasted a further rise in inflation.

The increase was compounded by higher energy costs, with petrol pump prices exceeding N1,030 per litre in October, a significant jump from N617 in August, according to Daily Post.

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