Reports from the National Bureau of Statistics (NBS) reveal that Nigeria’s inflation rate has risen to 33.88% in October due to a surge in food and fuel prices.
The reports for September 2024 pegged the inflation at 32.70% but the latest reports show a 1.18% increase.
The NBS released its Consumer Price Index and Inflation report for October on Friday, revealing that the month-on-month headline inflation rate stood at 2.64%.
Food inflation also recorded a significant increase, rising to 39.16% in October compared to 37.77% in the previous month.
Early this week, the Central Bank of Nigeria’s Inflation Expectation Survey had forecasted a rise in the nation’s inflation rate, which has now been confirmed.
Cost of energy, food, fuel and transportation has seen a spike with the price of fuel rising to N1,030 from N617.
