Nigeria's Inflation Rate Hits 33.88% in October

Nigeria's inflation rate surged to 33.88% in October 2024, up from 32.70% in September, marking a significant year-on-year increase attributed mainly to escalating food prices and transportation costs. The National Bureau of Statistics reported that food inflation reached 39.16%, driven by rising prices of staples such as rice and cooking oil, exacerbated by severe flooding affecting crop production. This inflationary trend follows a period of naira devaluation and subsidy cuts initiated by President Bola Tinubu, which aimed to boost economic growth but has resulted in heightened cost-of-living pressures. Month-on-month inflation increased by 2.64%, indicating a rise in average price levels compared to the previous month. Analysts indicate that ongoing economic challenges, including fuel price hikes and agricultural disruptions, are likely to persist, prompting the central bank to raise interest rates multiple times this year to combat inflation.