Amid the rising cost of food prices, Nigeria’s inflation rate surged to 33.88% in October 2024, according to the latest data from the National Bureau of Statistics (NBS), reflecting a growing strain on the country’s economy.
The report, released on Friday, revealed that the October Headline inflation rate increased by 1.18 percentage points from the 32.70% recorded in September 2024.
On a year-on-year basis, the figure was 6.55% points higher than the 27.33% recorded in October 2023, underscoring the worsening economic conditions over the past year.
