Food, transport cost hikes raised Nigeria’s inflation rate to 33.88 percent October 2024 ─NBS

*The National Bureau of Statistics’ latest Consumer Price Index report indicates the food inflation rate October 2024 was 39.16 percent on a year-on-year basis, 7.64 percent points higher, compared to 31.52 percent rate recorded October last year, noting the development was attributed to price increments in guinea corn, rice, maize grains, and rice, among others

Isola Moses | ConsumerConnect

Nigeria’s headline inflation rate increased to 33.88 percent October 2024, as the rate rose from 32.7 percent September 2024, reflecting a 1.18 percentage point month-on-month increase.

ConsumerConnect reports the National Bureau of Statistics (NBS) released the latest Consumer Price Index (CPI) report Friday, November 15, 2024, which  indicated the rise in inflation resulted from increased transportation costs and higher food prices in the country in the past month.

The NBS also noted that on a year-on-year basis, the headline inflation rate was 6.55 percent points higher than the rate recorded October 2023 (27.33 percent).

The headline inflation rate increased October 2024, when compared to the same month in the preceding year, according to the report.

On a month-on-month basis, the NBS further noted that the headline inflation rate in October 2024 was 2.64 percent, which was 0.12 percent higher than the rate recorded in September 2024 (2.52 percent).

Besides, the rate of increase in the average price level October this year was higher than the rate of increase in the average price level in September 2024.

On food inflation rate October 2024

The Bureau further reported that the food inflation rate October 2024 was 39.16 percent on a year-on-year basis, 7.64 percent points higher, compared to the rate recorded in October 2023 (31.52 percent).

The rise in food inflation on a year-on-year basis was attributed to increases in prices of the following items: Guinea Corn, Rice, Maize Grains, Rice, etc. (Bread and Cereals Class), Yam, Water Yam, Coco Yam, etc (Potatoes, Yam & Other Tubers Class), Palm Oil, Vegetable Oil, etc. (Oil and Fats Class) and Milo Lipton, Bourvita, etc. (Coffee, Tea & Cocoa Class).

On a month-on-month basis, the food inflation rate in October 2024 was 2.94 percent which shows a 0.30 percent increase compared to the rate recorded September 2024 (2.64 percent).

The rise can be attributed to the rate of increase in the average prices of Palm Oil, Vegetable oil, etc (Oil & Fats Class), Mudfish, Croaker (Apo), Fresh fish (Obokun), etc (Fish Class), Dried Beef, Goat Meat, Mutton, Skin meat, etc (Meat Class), and Bread, Guinea Corn flour, Plantain flour, Rice, etc (Bread and Cereals Class).

According to NBS, the average annual rate of food inflation for the 12-month period, months ending October 2024 over the previous 12-month average was 38.12 percent, which was an 11.79 percent points rise from the average annual rate of change (26.33 percent) recorded October 2023.