Nigeria’s October Headline inflation rate Hit 33.88% From 32.7% in September – NBS

The Nigerian Bureau of Statistics (NBS) has revealed that Nigeria’s headline inflation rate hit 33.88% in October compared to September’s 2024 headline inflation rate of 32.70%.

This increase which represents a 1.18% increase from the country’s September inflation figures was contained in the NBS consumer price index (CPI) report for October 2024 released by the NBS on Friday.

Some Key Elements of The Latest CPI Report

On a year-on-year basis, the Headline inflation rate was 6.55% points higher than the rate recorded in October 2023 (27.33%). This shows that the Headline inflation rate (year-on-year basis) increased in October 2024 when compared to October 2023.

Furthermore, on a month-on-month basis, the country’s Headline inflation rate in October 2024 was 2.64%, which was 0.12% 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.

According to the latest report, the percentage change in the average CPI for the twelve months ending October 2024 over the average for the previous twelve-month period was 32.26%, showing an 8.82% increase compared to 23.44% recorded in October 2023.

On a month-on-month basis, the Urban inflation rate was 2.75% in October 2024, this was 0.08% points higher than the 2.67% it was in September 2024. Rural inflation rate in October 2024 was 2.53%, up by 0.14% points compared to September’s 2.39%.

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