Food, fuel price hikes push Nigeria’s inflation to 33.88% in October

Food and petrol price hikes have pushed Nigeria’s inflation to 33.88 percent in October 2024, from 32.70 percent recorded in the previous month.

National Bureau of Statistics disclosed this 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 percent.

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

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

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