A report by the National Bureau of Statistics (NBS), has shown that Nigeria’s inflation rate rose sharply to 33.88% in October 2024, compared to 32.70% in September.
This 1.18 percentage point increase within a month highlight growing economic challenges for millions of Nigerians.
The report, released on Friday via the NBS website, highlighted that year-over-year inflation rose by 6.55 percentage points compared to 27.33% in October 2023. Analysts attribute this persistent inflationary pressure to skyrocketing food prices, supply chain disruptions, and escalating transportation costs.
“The rising headline inflation underscores the persistent challenges of managing price stability in the current economic environment,” the NBS stated in the report.
On a monthly basis, inflation also climbed, with October’s month-on-month rate hitting 2.64%, a 0.12% increase from September’s 2.52%. This trend reflects a continued acceleration in the pace of price increases.
Economists have warned that these figures signal tougher times ahead for Nigerians, already grappling with the high cost of living. They predict further strain on household incomes as essential goods and services become increasingly unaffordable.
While policymakers have acknowledged the inflationary pressures, concrete measures to stabilize prices and alleviate the financial burden on citizens remain largely elusive.
