Amid rising food prices, Nigeria’s Inflation skyrockets to 33.88% for October

Amid the rising cost of food prices, Nigeria’s inflation rate surged to 33.88% in October 2024, according to the latest data from the National Bureau of Statistics (NBS), reflecting a growing strain on the country’s economy.

The report, released on Friday, revealed that the October Headline inflation rate increased by 1.18 percentage points from the 32.70% recorded in September 2024.

On a year-on-year basis, the figure was 6.55% points higher than the 27.33% recorded in October 2023, underscoring the worsening economic conditions over the past year.

Month-on-month, the October inflation rate stood at 2.64%, a slight rise from the 2.52% recorded in September.

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This indicates that the rate of increase in the average price level in October was higher than in the previous month.

The report also highlighted significant pressures from food prices, which continue to skyrocket. Rising costs of essential commodities have contributed to the escalating inflation rate, leaving many households struggling to afford basic necessities.

The persistent upward trend in inflation has raised concerns among economists and policymakers, as it exacerbates the already challenging living conditions for Nigerians.

Efforts to address the underlying causes, including structural challenges in food supply chains and monetary policy adjustments, are yet to yield tangible results.

By: Babajide Okeowo

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