The Consumer Price Index (CPI) which measures the rate of change in prices of good and commodities increased to 33.88 per cent in October compared to 32.70 per cent in September, the National Bureau of Statistics (NBS) said Friday.
The 1.18 percentage increase in headline index was blamed on rising food and energy prices.
According to the CPI report for October, year-on-year, inflation was 6.55 per cent higher compared to 27.33 per cent in October 2023.
Food inflation rose 7.64 per cent to 39.16 per cent year-on-year compared to 31.52 per cent in October 2023.
Core inflation, which excludes the prices of volatile agricultural produces and energy rose by 5.79 per cent to 28.37 per cent, year-on- year in October compared 22.58 per cent in October 2023.
report by the bureau went on to state that food inflation rate in October 2024 was 39.16 per cent on a year-on-year basis, which was 7.64 per cent points higher compared to the rate recorded in October 2023 (31.52 per cent).
It stated that 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, etc (bread and cereals class), yam, water yam, coco yam, etc (potatoes, yam and other tubers class); palm oil, vegetable oil, etc (oil and fats class) and Milo Lipton, Bournvita, etc (coffee, tea and cocoa class).
It also stated that on a month-on-month basis, the food inflation rate in October 2024 was 2.94 per cent, which shows a 0.30 per cent increase compared to the rate recorded in September 2024 (2.64 per cent).
The report stated that the rise can be attributed to the rate of increase in the average prices of palm oil, vegetable oil, fish, meat, flour, among others
