Nigeria’s Inflation Rate Accelerates Faster to 33.88%
Inflation rate accelerated faster in October to 33.88%, according to consumer price index data released today by the statistics office. According to National Bureau of Statistics (NBS), inflation rate rose by 118 basis points to 33.88% year on year in October from 32.70% year on year in Sept.
The month on month increase in consumer price index was above analysts, investment firms projections for the month. Nigeria’s inflation print in the month was 48 basis points above Bloomberg median consensus, of 32.40% and 39 basis points higher than Cordros Capital projection of 33.49% for the month.
On a month-on-month basis, headline inflation increased by 12bps to 2.64% versus 2.52% month on month in Sept. Details showed that food inflation rose significantly by 139bps to 39.16% year on year in October from 37.77% in the previous month.
NBS stated that the higher Food inflation on a year-on-year basis was driven by increases in prices of the following items: Guinea Corn, Rice, Maize Grains, Yam, Water Yam, Coco Yam, Palm Oil, Vegetable Oil, Milo, Lipton, and Bourvita.
On a month-on-month basis, food prices surged by 30bps to 2.94% from 2.64% in September. Similarly, core inflation (All items less farm produce and energy) increased by 94bps to 28.37% year on year from 27.43% in the comparable period month in Sept.
The highest increases were recorded in prices of the following items: Bus Journey within the city, Journey by motorcycle, Bus journey intercity, Rents.
Others are Meal at a local Restaurant (Accommodation Service Class), hair cut service, woman hairbrush, and women’s hairdressing (Hairdressing salons & personal grooming establishments Class).
The core index settled at 2.14% m/m in October 2024 compared to the 2.10% m/m in the previous month, according to Bureau of statistics. #Nigeria’s Inflation Rate Accelerates Faster to 33.88% Naira Rises against US Dollar Ahead of Sept. FX Auction