BREAKING: Nigeria’s inflation rate increases to 33.88% in October 2024, says NBS
The National Bureau of Statistics (NBS) on Friday disclosed that Consumer prices in Nigeria increased by 118 basis points to 33.88per cent in October 2024 from 32.70 per cent in September 2024.
According to the report, On a month-on-month basis, headline inflation increased by 12 basis points to 2.64per cent (September: 2.52per cent m/m).
Food inflation rose significantly by 139basis points to 39.16per cent in October (September: 37.77per cent).
The higher Food inflation on a year-on-year basis was driven by increases in prices of the following items: Guinea Corn, Rice, Maize Grains, Yam, Water Yam, Coco Yam, Palm Oil, Vegetable Oil, Milo, Lipton, and Bourvita. On a month-on-month basis, food prices surged by 30bps to 2.94 per cent (September: 2.64 per cent m/m).
Similarly, core inflation (All items less farm produce and energy) increased by 94basis points to 28.37 per cent (September: 27.43 per cent).
The highest increases were recorded in prices of the following items: Bus Journey within the city, Journey by motorcycle, Bus journey intercity, Rents (Actual and Imputed Rentals for Housing Class), Meal at a local Restaurant (Accommodation Service Class), hair cut service, woman hairbrush, and women’s hairdressing (Hairdressing salons & personal grooming establishments Class).
The core index settled at 2.14 per cent m/m in October 2024 compared to the 2.10 per cent m/m in the previous month.
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