Nigeria’s inflation rate has surged to 33.88% in October 2024, up from 32.70% in September, according to the National Bureau of Statistics (NBS).
This marks a significant increase and continues the upward trend observed over the past few months. The month-on-month inflation rate also rose to 2.64% from 2.52% in September.
Food inflation, a major component of the overall inflation, saw a sharp rise to 39.16% in October, compared to 37.77% in September. Energy prices, particularly petrol, have also increased, with prices climbing to over ₦1,030 per litre from ₦617 in August.
The rising cost of living continues to put pressure on Nigerian households, with the Central Bank of Nigeria (CBN) likely to consider another interest rate hike to curb inflation.
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