BREAKING: NBS Says Adamawa, Two Others Worst Hit By Food Inflation As Nigeria's Headline Inflation Hits 33.88% In October

The National Bureau of Statistics (NBS) in its October report on inflation says Adamawa, Sokoto and Yobe states were the worst hit by food inflation as Nigeria’s headline rose to 33.88% against 32.70% recorded in September.

The report stated that the October 2024 headline inflation rate increased by 1.18% points compared to the September 2024 headline inflation rate.

On a year-on-year basis, the NBS reported that headline inflation rate was 6.55% points higher than the rate recorded in October 2023 which was 27.33%.

“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 (i.e., October 2023),” the report stated.

Furthermore, on a month-on-month basis, the report stated that the headline inflation rate in October 2024 was 2.64%, which was 0.12% higher than the rate recorded in September 2024 which was 2.52%.

According to the report, 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 percentage change in the average Consumers Price Index (CPI) for the twelve months ending October 2024 over the average for the previous twelve-month period was 32.26%, showing an 8.82% increase compared to 23.44% recorded in October 2023.

On a year-on-year basis for urban inflation, the report stated that in October 2024, the urban inflation rate was 36.38%, 7.09% points higher compared to the 29.29% recorded in October 2023.

On a month-on-month basis, the urban inflation rate was 2.75% in October 2024, representing 0.08% points higher compared to September 2024 which was 2.67%.

The corresponding twelve-month average for the urban inflation rate was 34.52% in October 2024, which represents 9.76% points higher compared to the 24.76% reported in October 2023.

For rural inflation, the report stated that the rate in October 2024 was 31.59% on a year-on-year basis, representing 6.01% higher compared to the 25.58% recorded in October 2023.

On a month-on-month basis, the rural inflation rate in October 2024 was 2.53%, up by 0.14% points compared to September 2024 which was 2.39%.

The corresponding twelve-month average for the rural inflation rate in October 2024 was 30.24%, which showed 8.01% higher compared to the 22.23% recorded in October 2023.

The report further stated, “The Food inflation rate in October 2024 was 39.16% on a year-on-year basis, 7.64% points higher compared to the rate recorded in October 2023 (31.52%).

“The rise in Food inflation on a year-on-year basis was caused by increases in prices of the following items: Guinea Corn, Rice, Maize Grains, Rice, etc. (Bread and Cereals Class), Yam, Water Yam, Coco Yam, etc. (Potatoes, Yam & Other Tubers Class), Palm Oil, Vegetable Oil, etc. (Oil and Fats Class) and Milo Lipton, Bournvita, etc,, (Coffee, Tea & Cocoa Class).

“On a month-on-month basis, the food inflation rate in October 2024 was 2.94% which shows a 0.30% increase compared to the rate recorded in September 2024 (2.64%).

“The rise can be attributed to the rate of increase in the average prices of Palm Oil, Vegetable oil, etc (Oil & Fats Class), Mudfish, Croaker (Apo), Fresh fish (Obokun), etc (Fish Class), Dried Beef, Goat Meat, Mutton, Skin meat, etc (Meat Class), and Bread, Guinea Corn flour, Plantain flour, Rice, etc (Bread and Cereals Class).

“The average annual rate of Food inflation for the twelve months ending October 2024 over the previous twelve-month average was 38.12%, which was an 11.79% point increase from the average annual rate of change recorded in October 2023 (26.33%).”

The NBS report noted: “All items less farm produces and energy” or Core inflation, which excludes the prices of volatile agricultural produces and energy stood at 28.37% in October 2024 on a year-on-year basis; rose by 5.79% when compared to the 22.58% recorded in October 2023.

“The highest increases were recorded in prices of the following items, Bus Journey within the city, Journey by motorcycle Bus journey intercity, etc (under Passenger Transport by Road Class), Rents (Actual and Imputed Rentals for Housing Class), Meal at a local Restaurant (Accommodation Service Class), and hair cut service, woman hair brush, women’s hairdressing, etc (Hairdressing salons & personal grooming establishments Class),” it stated.

On a month-on-month basis, the Core Inflation rate was 2.14% in October 2024. It stood at 2.10% in September 2024, up by 0.04%.

The average twelve-month annual inflation rate was 26.12% for the twelve months ending October 2024, which is 6.14% points higher than the 19.98% recorded in October 2023.