In October 2024, Nigeria’s headline inflation rate rose by 33.88 percent, according to the National Bureau of Statistics (NBS).

This was revealed by the NBS in its October 2024 Consumer Price Index (CPI) and Inflation Report, which was made public in Abuja on Friday.

The research claims that the number is 1.18 percentage points higher than the 32.70 percent that was seen in September 2024.

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According to the report, the headline inflation rate in October 2024 was 6.55% higher than the rate of 27.33% in October 2023 on an annual basis.

Furthermore, according to the research, the headline inflation rate in October 2024 was 2.64 percent on a month-over-month basis, 0.12 percent higher than the rate of 2.52 percent in September 2024.
“This indicates that the average price level increased at a faster rate in October 2024 than it did in September 2024.”

According to the study, the rise in some divisional-level items in the basket of goods and services was the reason for the headline index’s October 2024 increase both year over year and month over month.

Food and non-alcoholic drinks, housing, water, electricity, gas, and other fuels, clothes and footwear, transportation and furnishings, home equipment, and maintenance were all cited as areas where these increases were seen.
Education, health, various products and services, lodging and dining establishments, alcoholic drinks, tobacco and kola, leisure and culture, and communication are few more.

According to the report, the average CPI for the 12 months that ended in October 2024 changed by 32.26 percent from the average CPI for the 12 months prior.

In comparison to the 23.44 percent reported in October 2023, this is an 8.82 percent gain.
According to the research, the rate of food inflation in October 2024 rose to 39.16 percent on an annual basis, 7.64 percent more than the rate of 31.52 percent in October 2023.
The price hikes of guinea corn, rice, maize grains, beans, yam, water yam and coco yam are the main causes of the annual increase in food inflation.

“Others include, among others, Lipton, Milo, Bournvita, vegetable oil, and palm oil.”

According to the report, the food inflation rate in October was 2.94 percent on a month-over-month basis, a 0.30 percent rise over the rate of 2.64 percent in September 2024.

The average costs of palm oil, vegetable oil, mudfish, croaker, fresh fish, dried beef, goat meat, mutton, and skin meat increased month over month, contributing to the rise in food inflation.

“Others include rice, plantain flour, bread and guinea corn flour, among others.”

According to the study, “all items less farm produce and energy,” or core inflation, which does not include the costs of volatile agricultural products and energy, was 28.37% in October compared to the same month last year.Compared to the 22.58 percent reported in October 2023, this grew by 5.79 percent.

“The PMS is excluded because the commodity was deregulated by removing subsidies.”
According to the report, among other things, the bus travel intercity, the bus journey inside the city, and the bus ride by motorbike had the most price hikes.

“Others include, among other things, rent, a meal at a nearby restaurant, hair cut services, women’s hair brushes, and women’s hairdressing.”

According to the NBS, the core inflation rate in October 2024 was 2.14 percent on a monthly basis.
This represents a 0.04 percent increase above the 2.10 percent observed in September 2024.

“For the 12 months ending in October 2024, the average 12-month annual inflation rate was 26.12%; this was 6.14 percentage points higher than the 19.98% recorded in October 2023.”

According to the research, the urban inflation rate in October 2024 was 36.38 percent on an annual basis, 7.09 percent higher than the 29.29 percent recorded in October 2023.

“The urban inflation rate was 2.75 percent on a month-over-month basis, up 0.08 percent from 2.67 percent in September 2024.”

According to the data, the rural inflation rate in October was 31.59 percent on an annual basis, 6.01 percent more than the 25.58 percent reported in October 2023.

“The rural inflation rate increased by 0.14 percent from September 2024 at 2.39 percent to 2.53 percent on a month-over-month basis.”

According to the report’s study of state profiles, Bauchi had the highest annual inflation rate for all products in October (46.68%), followed by Kebbi (40.02%) and Sokoto (39.65%).
However, it stated that Delta had the least headline inflation increase on an annual basis, at 27.85%, followed by Benue at 28.22% and Katsina at 29.59%.

However, according to the research, in October 2024, Kano had the highest monthly inflation rate for all products at 3.77 percent, followed by Bauchi at 3.74 percent and Anambra at 3.59 percent.
“Kwara saw the slowest increase in month-over-month inflation at 1.27 percent, followed by Ondo at 1.49 percent and Lagos at 1.91 percent.”

According to the survey, Sokoto had the highest annual food inflation rate at 52.18 percent, followed by Edo at 46.55 percent and Borno at 45.85 percent.

“The slowest increase in food inflation on an annual basis was recorded in Kwara (31.68%), followed by Kogi (33.30%) and Rivers (33.87%).”

However, according to the survey, Yobe had the highest monthly food inflation rate at 4.34 percent, Sokoto at 4.86 percent, and Adamawa at 5.08 percent.

“On a month-over-month basis, Kwara saw the slowest increase in inflation, at 1.11 percent, followed by Ondo at 1.31 percent and Kogi at 1.50%.”