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

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.

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.

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