• Hausa Edition
  • Podcast
  • Conferences
  • LeVogue Magazine
  • Business News
  • Print Advert Rates
  • Online Advert Rates
  • Contact Us
Friday, July 4, 2025
Leadership Newspapers
Read in Hausa
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us
No Result
View All Result
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us
No Result
View All Result
Leadership Newspapers
No Result
View All Result

JUST-IN: High Petroleum Product Prices Force Nigeria’s Inflation To 33.88%

by Mark Itsibor
8 months ago
in News
A gas station attendant pumps fuel into a customer's car at the NNPC Mega petrol station in Abuja, Nigeria March 19, 2020. REUTERS/Afolabi Sotunde

A gas station attendant pumps fuel into a customer's car at the NNPC Mega petrol station in Abuja, Nigeria March 19, 2020. REUTERS/Afolabi Sotunde

Share on WhatsAppShare on FacebookShare on XTelegram

Nigeria’s headline inflation rate rose to 33.88 per cent in October from the 32.70 per cent recorded in September largely due to high prices of petroleum products.

Advertisement

The October 2024 headline inflation rate increased by 1.18 per cent points compared to the September 2024 inflation rate. On a year-on-year basis, the inflation rate was 6.55% points higher than the rate recorded in October 2023 (27.33%).

According to latest figures from the National Bureau of Statistics (NBS), food inflation
rate in October 2024 was 39.16 per cent on a year-on-year basis, 7.64% points higher compared to the rate recorded in October 2023 (31.52%).

The NBS attributed the rise in food inflation on a year-on-year basis to increases in prices of guinea corn, rice, maize grains, etc.

in October on a year-on-year basis was highest in Sokoto (52.18%), Edo (46.55%), Borno (45.85%), while Kwara (31.68%), Kogi (33.30%), and Rivers (33.87%) recorded the slowest rise in food inflation on year-on-year basis.

RELATED

JUST-IN: Court Orders Immediate Recall Of Suspended Senator Natasha

JUST-IN: Court Orders Immediate Recall Of Suspended Senator Natasha

43 minutes ago
JUST-IN: Court Finds Senator Natasha Guilty Of Contempt Over Facebook Post

JUST-IN: Court Finds Senator Natasha Guilty Of Contempt Over Facebook Post

56 minutes ago

On a month-on-month basis, however, October 2024 food inflation was highest in Adamawa (5.08%), Sokoto (4.86%), Yobe (4.34%), while Kwara (1.11%), Ondo (1.31%) and Kogi (1.50%) recorded the slowest rise in food inflation on month-on-month basis.

The latest figure shows that the inflation rate increased in October 2024 when compared to the same month in the preceding year.

On a month-on-month basis, the headline inflation rate in October 2024 was 2.64 per cent, which was 0.12 per cent higher than the rate recorded in September 2024 (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 NBS said in a data that was released on Friday.

On a year-on-year basis, in October 2024, urban inflation rate was 36.38 per cent, 7.09% points higher than the 29.29 per cent recorded in October 2023. On a month-on-month basis, the urban inflation rate was 2.75 per cent in October 2024, this was 0.08 per cent points higher compared to September 2024 (2.67%).

The corresponding 12-month average for the Urban inflation rate was 34.52 per cent in October 2024. This was 9.76 per cent points higher compared to the 24.76% reported in October 2023.

On the other hand, rural inflation rate in October 2024 was 31.59 per cent on a year-on-year basis. This was 6.01 per cent higher compared to the 25.58 per cent recorded in October 2023.

On a month-on-month basis, the rural inflation rate in October 2024 was 2.53 per cent, up by 0.14 per cent points compared to September 2024 (2.39%). The corresponding 12-month average for the Rural inflation rate in October
2024 was 30.24 per cent. This was 8.01 per cent higher compared to the 22.23 per cent recorded in October 2023


We’ve got the edge. Get real-time reports, breaking scoops, and exclusive angles delivered straight to your phone. Don’t settle for stale news. Join LEADERSHIP NEWS on WhatsApp for 24/7 updates →

Join Our WhatsApp Channel

BREAKING NEWS: Nigerians can now earn US Dollars from the comfort of their homes with Ultra-Premium domains, acquire them for as low as $1700 and profit as much as $25,000. Click here to learn how you can earn US Dollars consistently.


Tags: Petrol Price Hike
SendShareTweetShare
Previous Post

Edo Camp Seeks Borno Gov’t Support As 5 IDPs Become Medical Doctors

Next Post

‘AI Challenges The Essence Of The IP System’ – WIPO Nigeria Director

Mark Itsibor

Mark Itsibor

Mark Itsibor is a journalist and communication specialist with 10 years of experience, He is currently Chief Correspondent at LEADERSHIP Media Group and writes on Finance, Economy, Politics, Crime, and Judiciary. He has a B.Sc in Political Science, Post Graduate Diploma in Journalism (Print), and B.A in Development Communication. His Twitter handle is @Itsibor_M

You May Like

JUST-IN: Court Orders Immediate Recall Of Suspended Senator Natasha
Cover Stories

JUST-IN: Court Orders Immediate Recall Of Suspended Senator Natasha

2025/07/04
JUST-IN: Court Finds Senator Natasha Guilty Of Contempt Over Facebook Post
News

JUST-IN: Court Finds Senator Natasha Guilty Of Contempt Over Facebook Post

2025/07/04
Lakurawa: Ohanaeze Ndigbo Charges Federal Gov’t To Crush New Terror Group 
News

2027: Ohanaeze Interested In Welfare Of Citizens, Not Partisan Politics — Spokesman

2025/07/04
Federal Gov’t Retrofits Dual-fuel Engines On Locomotives To Cut Costs, Carbon Emission
News

Federal Gov’t, Kaduna Collaborate On Light Rail Project

2025/07/04
US Vetoes Call For ‘Immediate Ceasefire’ In Gaza
News

Nigerian Indicted Over $14.6bn Healthcare Fraud In US

2025/07/04
PICTORIAL: OPSH Troops Neutralise 1 Bandit, Arrest Gunrunner, Recover Weapons In Plateau
News

PICTORIAL: OPSH Troops Neutralise 1 Bandit, Arrest Gunrunner, Recover Weapons In Plateau

2025/07/04
Leadership Conference advertisement

LATEST

JUST-IN: Court Orders Immediate Recall Of Suspended Senator Natasha

JUST-IN: Court Finds Senator Natasha Guilty Of Contempt Over Facebook Post

2027: Ohanaeze Interested In Welfare Of Citizens, Not Partisan Politics — Spokesman

Football Star Diogo Jota, Brother For Burial Saturday

Federal Gov’t, Kaduna Collaborate On Light Rail Project

20 Injured As Gas Explosion Rocks Rome

Nigerian Indicted Over $14.6bn Healthcare Fraud In US

PICTORIAL: OPSH Troops Neutralise 1 Bandit, Arrest Gunrunner, Recover Weapons In Plateau

Miley Cyrus’s Video Of ‘Every Girl You’ve Ever Loved’ Features Supermodel Naomi

Korean Staged Cinema Production Raises Question Of How We Treat Elderly In Our Societies

© 2025 Leadership Media Group - All Rights Reserved.

No Result
View All Result
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us

© 2025 Leadership Media Group - All Rights Reserved.