Nigeria’s inflation rate soars to 33.88 percent

The National Bureau of Statistics (NBS) on Friday said the inflation rate rose to 33.88 per in October 2024.

It soared by 1.18 percent from the 32.70 percent recorded in September 2024.

This was contained in the press release the Statistician General of the Federation, Prince Adeyemi Adeniran issued in Abuja.

He said: “The headline Inflation rate for October 2024, on a year-on-year basis, increased to 33.88% relative to the September 2024 headline inflation rate of 32.70%.

“Looking at the headline trend, the October 2024 headline inflation rate showed an increase of 1.18% points compared to the September 2024 headline inflation rate.”

He said similarly, on a year-on-year basis, the headline inflation rate was 6.55% points higher compared to the rate recorded in October 2023 (27.33%).

The increase in the headline index for October 2024, according to him, was attributed to the rise in the average price of some items in the basket of goods and services at the divisional level. He said these increases were observed in food and non-alcoholic beverages (17.55%), housing, water, electricity, gas & other Fuel (5.67%), Clothing & footwear (2.59%), transport (2.20%), furnishings & household equipment and maintenance (1.70%), education (1.34%) and health (1.02%).

He added that others are Miscellaneous Goods & Services (0.56%), Restaurants & Hotels (0.41%), Alcoholic Beverages, Tobacco & Kola (0.37%), Recreation & Culture (0.23%) and Communication (0.23%).

Adeniran said similarly, on a month-over-month basis, the headline inflation rate in October 2024 also rose to 2.64%, compared to the rate recorded in September 2024 (2.52%).

The press release reads in part: “This shows that the rate of increase in the average price level was higher than that of the preceding month by 0.12%.

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

“The Food sub-index for October 2024 increased to 39.16% year-on-year, a 7.46% point higher than the rate recorded in October 2023 (31.52%).

“The rise in Food inflation on a year-on-year basis was attributed to increases in prices of Guinea Corn, Rice, Maize Grains, Rice, etc. (Bread and Cereals Class), Yam, Water Yam, Coco Yam, etc (Potatoes, Yam & Other Tubers Class), Palm Oil, Vegetable Oil etc. (Oil and Fats Class) and Milo Lipton, Bournvita etc. (Coffee, Tea & Cocoa Class).

“Likewise, on a month-on-month basis, the Food inflation rate in October 2024 was 2.94%.

“This was 0.30% higher compared to the rate recorded in September 2024 (2.64%).

” The rise in Food inflation was caused by an increase in the average prices of Palm Oil, Vegetable oil, etc. (Oil & Fats Class), Mudfish, Croaker (Apo), Fresh fish (Obokun), etc. (Fish Class), Dried Beef, Goat Meat, Mutton, Skin meat, etc (Meat Class), and Bread, Guinea Corn flour, Plantain flour, Rice, etc. (Bread and Cereals Class).

“The average annual rate of Food inflation for the twelve months ending October 2024 over the previous twelve-month average was 38.12%, which was 11.79% points increase from the average annual rate of change recorded in October 2023 (26.33%).

“Core inflation, which is all items less volatile farm produces and Petroleum Motor Spirit (PMS).

“The Core inflation rate stood at 28.37% in October 2024 year-on-year. This shows a rise of 5.79% compared to the 22.58% recorded in October 2023.

“The highest increases were recorded in prices of Bus Journey within the city, Journey by motorcycle Bus journey intercity, etc. (under Passenger Transport by Road Class), Rents (Actual and Imputed Rentals for Housing Class), Meals at a local Restaurant (Accommodation Service Class), and hair cut service, woman hairbrush, women’s hairdressing, etc. (Hairdressing salons & personal grooming establishments Class).

“Furthermore, on a month-on-month basis, the Core Inflation rate was 2.14% in October 2024, higher by 0.94% compared to 2.10% in September 2024.

The average twelve-month annual Core inflation rate was 26.12% for the twelve months ending October 2024; this was 6.14% points higher than the 19.98% recorded in October 2023.

“The Urban consumer’s inflation rate on a year-on-year basis stood at 36.38% for October 2024, this shows a 7.09% point higher compared to the 29.29% recorded in the corresponding month in the year 2023.

“On a month-on-month basis, the Urban inflation rate grew by 2.75% in October 2024, which shows an increase of 0.08% compared to 2.67% in September 2024.

The twelve-month average annual inflation rate ending October 2024 over the previous corresponding twelve-month average, Urban inflation rate was 34.52%. This was 9.76% points higher compared to the 24.76% reported in October 2023.

“The Rural consumer’s sub-index in October 2024 was 31.59% on a year-on-year basis; this was 6.01% higher compared to the 25.58% recorded in October 2023.

On a month-on-month basis, the Rural sub-index in October 2023 was 2.53%, which increased by 0.14% compared to September 2024 (2.39%).

“The twelve-month average annual inflation rate ending October 2024 over the previous corresponding twelve-month average, Rural inflation rate was 30.24%. This was 8.01% higher than the 22.23% recorded in October 2023.

*The analyses of the states show that the all-item index for October 2024, on a year-on-year basis was highest in Bauchi (46.68%), Kebbi (40.02%), Sokoto (39.64%), while Delta (27.85%), Benue (28.22%) and Katsina (29.59%) recorded the lowest rise in Headline inflation on Year-on-Year basis.

“On a month-on-month basis, October 2024 recorded the highest increases in October 2024 recorded the highest increases in Kano (3.77%), Bauchi (3.74%), Adamawa (3.59%), while Kwara (1.27%), Ondo (1.49%) and Lagos (1.91%) recorded the slowest rise.

7. State-level analyses of the food index in October 2024, on a year-on-year basis, showed the highest increases 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.

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

It’s gloomy so far under Tinubu

Inflation under the Tinubu regime has been a pressing concern. Diaspora Digital Media noted that Nigeria’s headline inflation rate skyrocketed to 31.70 percent in February, the highest in nine months since 1999.

This surge continued, reaching a record high of 33.95 percent in May 2024, primarily due to the two-time devaluation of the naira and removal of fuel subsidies.

The Tinubu administration has vowed to tackle food inflation and the high cost of living.

However, the situation remains challenging, with many Nigerians feeling the pinch of rising prices.

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