By Milcah Tanimu
Nigeria’s inflation rate rose to **33.88%** in **October 2024**, marking an increase from **32.7%** in **September 2024**, according to the latest **Consumer Price Index (CPI)** report by the **National Bureau of Statistics (NBS)**.
The report shows that the **headline inflation rate** for October increased by **1.18%**, compared to September’s inflation rate. On a **year-on-year** basis, the inflation rate in October 2024 was **6.55%** higher than in the same month last year, when it stood at **27.33%**.
On a **month-on-month** basis, inflation in October 2024 increased by **2.64%**, slightly higher than the **2.52%** recorded in September 2024, indicating a continued rise in the cost of goods and services.
**Food Prices Drive Inflation Surge**
The **food inflation rate** saw a significant surge to **39.16%** in October 2024, up from **33.77%** in September. This increase was largely driven by higher prices for essential items such as **rice**, **yam**, **guinea corn**, **maize**, and **vegetable oil**.
The **year-on-year** food inflation rate increased by **7.64%**, compared to the previous year’s **31.52%**. The **month-on-month** food inflation also rose to **2.94%**, up from **2.64%** in September, reflecting rising prices of staple foods like **rice**, **bread**, **palm oil**, and **fish**.
The average **annual food inflation** for the 12 months ending in October 2024 stands at **38.12%**, marking an **11.79%** increase compared to October 2023.
**Regional Variations in Inflation**
States like **Sokoto (52.18%)**, **Edo (46.55%)**, and **Borno (45.85%)** experienced the highest food inflation on a **year-on-year** basis, while states like **Kwara (31.68%)**, **Kogi (33.30%)**, and **Rivers (33.87%)** recorded the lowest food inflation rates.
In terms of **month-on-month** food inflation, **Adamawa (5.08%)**, **Sokoto (4.86%)**, and **Yobe (4.34%)** saw the steepest increases, while **Kwara (1.11%)**, **Ondo (1.31%)**, and **Kogi (1.50%)** had the slowest rise in food prices.
As food prices continue to climb, inflation in Nigeria remains a significant concern for households across the country.
