Nigeria’s inflation rate soared to 33.88% in October, up from 32.70% in September, according to the National Bureau of Statistics (NBS).
This marks a 1.18 percentage point increase month-on-month.
On an annual basis, the inflation rate is 6.55 percentage points higher compared to 27.33% in October 2023. The report highlighted that food inflation hit 39.16% year-on-year, driven by rising prices of staples like rice, maize, yams, and cooking oils. Month-on-month food inflation also increased to 2.94%, attributed to higher costs of oils, fish, and flour, among others.
The NBS attributed these trends to escalating food prices and other economic pressures, prompting concerns about the rising cost of living across the country.
