Saturday, 16 November 2024 05:04

Nigeria's inflation crisis deepens: This is what it was in October 2024

Rate this item
(0 votes)

Key Findings

Headline Inflation

- Current Rate: 33.88% (October 2024)

- Previous Month: 32.7% (September 2024)

- Year-over-Year Increase: 6.55 percentage points (from 27.33% in October 2023)

- Monthly Change: 2.64% (up from 2.52% in September)

Food Inflation

- Current Rate: 39.16% (October 2024)

- Previous Month: 33.77% (September 2024)

- Year-over-Year Increase: 7.64 percentage points (from 31.52% in October 2023)

- Monthly Change: 2.94% (up from 2.64% in September)

Major Contributing Factors

Primary Food Categories Driving Inflation

1. Cereals and Bread

   - Guinea corn

   - Rice

   - Maize grains

2. Tubers

   - Yam varieties (Water Yam, Coco Yam)

3. Oils and Fats

   - Palm Oil

   - Vegetable Oil

4. Beverages

   - Milo

   - Lipton

   - Bournvita

Regional Analysis

Highest Food Inflation (Year-on-Year)

1. Sokoto: 52.18%

2. Edo: 46.55%

3. Borno: 45.85%

Lowest Food Inflation (Year-on-Year)

1. Kwara: 31.68%

2. Kogi: 33.30%

3. Rivers: 33.87%

Analysis

The October 2024 inflation data reveals a concerning trend in Nigeria's economy, with both headline and food inflation reaching new heights. The food inflation rate of 39.16% is particularly alarming, as it directly impacts household purchasing power and food security.

Key Implications

1. The persistent rise in food prices suggests structural issues in Nigeria's agricultural and food distribution sectors

2. Regional disparities in inflation rates indicate varying levels of economic stress across states

3. The monthly acceleration in inflation rates suggests that price pressures are not abating

Long-term Trend

The average annual food inflation rate for the twelve months ending October 2024 was 38.12%, representing an 11.79 percentage point increase from the previous year's average of 26.33%. This indicates a sustained deterioration in price stability over the medium term.

April 26, 2025

Nigerian Stock Market dips after three-day rally

The Nigerian stock market ended its three-day bullish streak on Friday with a 0.3% decline…
April 21, 2025

Tunde Bakare to Tinubu: ‘Stop playing God, embrace humility’

In a fiery Easter Sunday state-of-the-nation address delivered in Lagos, Tunde Bakare, the serving overseer…
April 23, 2025

Don’t wait for the ‘perfect’ time to make big life decisions, says Phoenix mayor

Kate Gallego Kate Gallego knew she wanted to run for mayor of Phoenix, but the…
April 26, 2025

Declassified CIA file about UFO aliens attacking soldiers released

A declassified document posted to the CIA’s website is raising eyebrows with claims of an…
April 26, 2025

COINCIDENCE? Three times trucks have rammed into Christian processions in Gombe, The Cable queries

In Gombe state, there is a disturbing trend: vehicles crashing into processions of Christians during…
April 26, 2025

What to know after Day 1157 of Russia-Ukraine war

WESTERN PERSPECTIVE Russia and Ukraine 'very close to a deal', says Trump US President Donald…
April 25, 2025

Artificial sweetener found in diet drinks linked to brain changes that increase appetite, study finds

A growing body of evidence has increasingly linked diet sodas and other no- or low-calorie…
January 08, 2025

NFF appoints new Super Eagles head coach

The Nigeria Football Federation (NFF) has appointed Éric Sékou Chelle as the new Head Coach…

NEWSSCROLL TEAM: 'Sina Kawonise: Publisher/Editor-in-Chief; Afolabi Ajibola: IT Manager;
Contact Us: [email protected] Tel/WhatsApp: +234 811 395 4049

Copyright © 2015 - 2025 NewsScroll. All rights reserved.