Nigeria’s inflation rises amid increasing food and petrol prices

Nigeria’s inflation rate climbed to 33.88% in October 2024, up from 32.70% recorded in September, according to the National Bureau of Statistics (NBS).

The surge, highlighted in the NBS Consumer Price Index and Inflation report released on Friday, reflects rising costs of essential goods and services.

On a month-on-month basis, the headline inflation rate stood at 2.64% in October. Food inflation saw a sharp increase, hitting 39.16%, compared to 37.77% in September, as prices of staples continue to spike.

The inflation surge coincides with a steep rise in energy costs, particularly petrol prices. Reports show that the petrol pump price skyrocketed to over ₦1,030 per litre in October, up from ₦617 in August, putting additional pressure on households and businesses.

The Central Bank of Nigeria’s Inflation Expectation Survey, released earlier in the week, had already forecasted a further increase in inflation, citing the escalating cost of living.

The report underscores growing concerns about the impact of inflation on Nigeria’s economy, as consumers struggle to cope with skyrocketing food and fuel prices, with ripple effects expected to persist in the coming months.