Nigeria’s inflation rate increased to 33.88% in October 2024, up from 32.7% recorded in September, the National Bureau of Statistics (NBS) has announced.
The NBS announced this in its Consumer Price Index (CPI) report for October released on Friday, November 15, 2024.
The NBS stated that on a year-on-year basis, the headline inflation rate in October was 6.55 per cent higher than the rate recorded in October 2023 at 27.33 per cent.
The bureau said on a month-on-month basis, the inflation rate in October 2024 was 2.64 per cent, which was 0.12 per cent higher than the rate recorded in September 2024 at 2.52 per cent.
“This means that in October 2024, the rate of increase in the average price level was higher than the rate of increase in the average price level in September 2024,” the NBS noted.
The NBS said the increase in the headline index for October 2024 on a year-on-year and month-on-month basis was attributed to the increase in some items in the basket of goods and services at the divisional level.
It said these increases were observed in food and non-alcoholic beverages, housing, water, electricity, gas, and other fuel, clothing and footwear, transport and furnishings, household equipment and maintenance.
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Others include education, health, and miscellaneous goods and services, restaurants and hotels, alcoholic beverages, tobacco and kola, recreation and culture, and communication.
The NBS said the percentage change in the average CPI for the 12 months ending October 2024 over the average CPI for the previous 12 months was 32.26 per cent.
“This indicates an 8.82 per cent increase compared to 23.44 per cent recorded in October 2023,” the bureau stated.
The NBS added that the food inflation rate in October 2024 increased to 39.16 per cent on a year-on-year basis, which was 7.64 per cent higher compared to the rate recorded in October 2023 at 31.52 per cent.
It stated: “The rise in food inflation on a year-on-year basis is caused by increases in prices of guinea corn, rice, maize grains, beans, yam, water yam, and cocoyam.
“Others are palm oil, vegetable oil, Lipton, Milo, and Bournvita, among others.”
The NBS said on a month-on-month basis, the food inflation rate in October was 2.94 per cent, which was a 0.30 per cent increase compared to the rate recorded in September 2024 at 2.64 per cent.
The NBS disclosed that the increase in food inflation on a month-on-month basis was caused by an increase in the average prices of palm oil, vegetable oil, mudfish, croaker, fresh fish, dried beef, goat meat, mutton, and skin meat.
It listed others to include bread, guinea corn flour, plantain flour, and rice, among others.
On states’ profile analysis in October, the NBS said all items’ inflation rate on a year-on-year basis was highest in Bauchi State at 46.68 per cent, followed by Kebbi State at 40.02per cent, and Sokoto State at 39.65 per cent.
The bureau noted that the slowest rise in headline inflation on a year-on-year basis was recorded in Delta State at 27.85 per cent, followed by Benue State at 28.22 per cent, and Katsina State at 29.59 per cent.
The NBS said in October 2024, all items inflation rate on a month-on-month basis was highest in Kano State at 3.77 per cent, followed by Bauchi State at 3.74 per cent, and Anambra State at 3.59 per cent.
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“Kwara at 1.27 per cent, followed by Ondo at 1.49 per cent and Lagos at 1.91 per cent recorded the slowest rise in month-on-month inflation,” it disclosed.
The NBS said on a year-on-year basis, food inflation was highest in Sokoto State at 52.18 per cent, followed by Edo State at 46.55 per cent, and Borno State at 45.85 per cent.
“Kwara at 31.68 per cent, followed by Kogi at 33.30 per cent and Rivers at 33.87 per cent recorded the slowest rise in food inflation on a year-on-year basis,” the NBS said.
It further stated that on a month-on-month basis, food inflation was highest in Adamawa State at 5.08 per cent, followed by Sokoto State at 4.86 per cent, and Yobe State at 4.34 per cent.
“Kwara at 1.11 per cent, followed by Ondo at 1.31 per cent and Kogi at 1.50 per cent, recorded the slowest rise in inflation on a month-on-month basis,” the bureau revealed.
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