Toba Owojaiye reporting
Abuja, Nigeria
Nigeria’s inflation rate climbed to 33.88% in October 2024, driven by the soaring cost of food, according to new data from the National Bureau of Statistics (NBS). This marks a sharp rise of 1.18 percentage points from the 32.70% recorded in September, signaling worsening economic conditions for millions of Nigerians.
Truth Live News gathered that on a year-on-year basis, inflation was up by 6.55 percentage points compared to October 2023, when it stood at 27.33%. Month-on-month inflation also rose to 2.64% in October, slightly higher than September’s 2.52%, showing a faster pace of price increases.
The NBS report highlights significant pressure from rising food prices, which continue to drive inflation. With the cost of essential commodities surging, many households are finding it increasingly difficult to afford basic necessities.
Economists and policymakers have raised concerns about the persistent rise in inflation, warning that it further worsens the economic hardships faced by Nigerians. Efforts to add structural issues in food production and distribution, as well as in monetary policy, have yet to deliver meaningful relief.
This trend unearthed the urgent need for comprehensive measures to stabilize the economy and curb inflation, especially in the food sector, to ease the burden on citizens.