The National Bureau of Statistics, (NBS) says Nigerias headline inflation rate increased by 33.88 percent in October 2024.
The NBS disclosed this in its Consumer Price Index (CPI) and Inflation Report for October 2024, which was released in Abuja, yesterday.
According to the report, the figure is 1.18% points higher compared to the 32.70 % recorded in September 2024. It said that, on a year-on-year basis, the headline inflation rate in October 2024 was 6.55% higher than the rate recorded in October 2023, at 27.33 percent.
In addition, the report said on a month-on-month basis, the headline inflation rate in October 2024 was 2.64%, which was 0.12% higher than the rate recorded in September 2024 at 2.52%. 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 report 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.
Others include education, health, and miscellaneous goods and services, restaurants and hotels, alcoholic beverages, tobacco and kola, recreation and culture, and communication.
The report said the food inflation rate in October 2024 increased to 39.16 percent on a year-on-year basis, which was 7.64 % higher when compared to the rate recorded in October 2023, at 31.52%. Increases in prices of guinea corn, rice, maize grains, beans, yam, water yam, and cocoyam cause food inflation yearly. Others are palm oil, vegetable oil, Lipton, Milo, and Bournvita.
It said that on a month-on-month basis, the food inflation rate in October was 2.94 %, a 0.30 percentage increase when compared to the rate recorded in September 2024 at 2.64 %. The increase in the average prices of palm oil, vegetable oil, mudfish, croaker, fresh fish, dried beef, goat meat, mutton, and skin meat caused the increase in food inflation month-on-month. Others are bread, guinea corn flour, plantain flour, and rice.
The report said that the exclusion of petrol is due to the deregulation of the commodity by subsidy removal. It said the highest increases were recorded in prices of bus journeys within the city, journeys by motorcycle, and bus journeys intercity, among others. Others are rent, meals at a local restaurant, haircut service, womens hair brush, and hairdressing.
The NBS said the core inflation rate was 2.14% in October 2024 on a month-on-month basis. This indicates a 0.04 percentage increase compared to what was recorded in September 2024, at 2.10%.
The States profile analysis showed that in October, all items inflation rate on a year-on-year basis was highest in Bauchi at 46, followed by Kebbi, at 40.02% and Sokoto, at 39.65%. It, however, said the slowest rise in headline inflation on a year-on-year basis was recorded in Delta, at 27.85%, followed by Benue, at 28.22%, and Katsina, at 29.59 per cent.
The report, however, said in October 2024, all items inflation rate on a month-on-month basis was highest in Kano – 3.77%, followed by Bauchi, at 3.74%; Anambra at 3.59%. Kwara – 1.27%, followed by Ondo – 1.49%, whike Lagos, at 1.91 percent, recorded the slowest rise in month-on-month inflation.
