Abuja, Nov. 15, 2024 – Nigeria’s headline inflation rate rose to 33.88% in October from 32.7% in September 2024.
The National Bureau of Statistics (NBS) disclosed this in its Consumer Price Index (CPI) report released on Friday.
The report is attributed the rise to increased transportation costs and higher food prices.
The food inflation rate rose by 7.64% on year-on-year basis to 39.16% in October from 31.52% in October 2023.
On a month-on-month basis, the food inflation rate rose to 2.94%, a 0.30% increase from the 2.64% recorded in September 2024.
The NBS said the rise in food inflation was driven by rising prices of local and foreign beer in the tobacco class, vegetable oil, groundnut oil, and palm oil in the oil and fats class, as well as beef, gizzard, dried beef in the meat class, and products like Lipton, Milo, and Bournvita.
