Nigeria’s National Bureau of Statistics (NBS) has announced that the Headline inflation rate for the month of October this year increased to 33.88%.
The NBS said in its monthly report of the Consumer Price Index which measures inflation that the inflation figure for October was 1.18% above the September 2024 headline inflation rate of 32.70%.
It explained that a on a year-on-year basis, the Headline inflation rate was 6.55% points higher than the rate recorded in October 2023 of 27.33%.
According to the report, this shows that the Headline inflation rate (year-on-year basis) increased in October 2024 when compared to the same month in the preceding year of October 2023.
“Furthermore, on a month-on-month basis, the Headline inflation rate in October 2024 was 2.64%, which was 0.12% higher than the rate recorded in September 2024 (2.52%).
“This means that in October 2024, the rate of increase in the average price level was higher than the rate of increase in the average price level in September 2024,” the report added.
GIK/APA