Increase in food, fuel price push Nigeria’s inflation to 33.88% in October

The hike in price of food and petrol has pushed Nigeria’s inflation from 32.70% recorded in September to 33.88% in October 2024.

This was made known by the National Bureau of Statistics (NBS), on Friday in its Consumer Price Index and Inflation report for October 2024.

Looking at the data, month-on-month, Nigeria’s headline inflation rate in October 2024 was 2.64%.

This comes as food inflation rose to 39.16& in October 2024, from 37.77% in September 2024.

The Inflation Expectation Survey of the Central Bank of Nigeria released on Tuesday, predicted Nigeria’s inflation to rise.

During the period under review, energy cost rose, with petrol pump price rising from N617 per litre in August to above N1,030 per litre in October, 2024.