NewStats: 3,265,489 , 8,186,925 topics. Date: Sunday, 15 June 2025 at 09:37 AM 4a5f5w

The data is captured in the NBS’ latest consumer price index (I) report for October published on Friday.

The I measures the rate of change in prices of goods and services.

The data bureau said the headline inflation rate in October rose by “1.18% points when compared to the September 2024 headline inflation rate”.

“On a year-on-year basis, the Headline inflation rate was 6.55% points higher than the rate recorded in October 2023 (27.33%),” NBS said.

“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).

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

“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.”

‘INCREASE IN RICE, YAM PUSHED FOOD INFLATION RATE TO 39.16%’

The NBS also said the food inflation rate in October surged to 39.16 percent, compared to 33.77 percent in September.

On a year-on-year basis, the food inflation rate was 7.64 percent higher compared to the rate recorded in October 2023 (31.52 percent).

“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 & Other Tubers Class), Palm Oil, Vegetable Oil, etc (Oil and Fats Class) and Milo Lipton, Bourvita, etc (Coffee, Tea & Cocoa Class),” the bureau added.

The statistics firm also said the month-on-month food inflation rate in October was 2.94 percent, showing a rise of 0.3 percent compared to the 2.64 percent recorded in September.

“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, Mut-ton, Skin meat, etc (Meat Class), and Bread, Guinea Corn flour, Plantain flour, Rice, etc (Bread and Cereals Class),” the NBS said.

“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 report also said Sokoto state (52.18 percent), Edo (46.55 percent), and Borno (45.85 percent) spent more on food in October, while Kwara (31.68 percent), Kogi (33.30 percent) and Rivers (33.87 percent), recorded the slowest rise in food inflation on a year-on-year basis.

On the other hand, Adamawa (5.08 percent), Sokoto (4.86 percent), and Yobe (4.34 percent) states had the highest food inflation month-on-month.

According to the NBS, such as Kwara (1.11 percent), Ondo (1.31 percent) and Kogi (1.50 percent) recorded the slowest rise in food inflation in October 2024.

https://www.thecable.ng/breaking-nigerias-inflation-rate-increases-to-33-8/

Yet people aren't dying population is still growing............

How they calculate this inflation rate is left to the economists

How will rice go from 20k to 100k and you are giving us 33%

Modified
For a lot of ppl saying it's month on month

This is from the post

The data bureau said the headline inflation rate in October rose by “1.18% points when compared to the September 2024 headline inflation rate

Choking inflation with no end in sight.

Ebola Tinibu has DAMAGED this Country kpatakpata.

Even to eat Proper meals is a CHALLENGE for Nigerians.
Even with 1K, You CanNOT eat Indomie and Eggs.

Common Garri and Groundnuts can cost you up to 1K.

Food prices surge is never suppose to be between August and mid December for any reason. The is an indictment on APC and Tinubu.

RealLordZeus:
How they calculate this inflation rate is left to the economists

How will rice went from 20k to 100k and you are giving 33%

They calculate if by price last month vs price this month

Or price this month last year vs price this month this year

I get your point tho

We are still waiting for results with nothing tangible showing up, even after a year and near six months of this current istration.
Foodstuffs and petrol prices are still high with no signs of reducing.
And idiotic guard dogs are vehemently defending the government, making lame excuses for the Ineptitude of the government.

mrvitalis:

They calculate if by price last month vs price this month

Or price this month last year vs price this month this year

I get your point tho

But month on month ratio is different, look at this fact

The data bureau said the headline inflation rate in October rose by “1.18% points when compared to the September 2024 headline inflation rate”

This part self shocked me ... coz rice in September was around 70/80k compared to now and they said its 1.18%..

I need to go back to basic school to know where i got it wrong

Who else knows the figures are lies and actually lower than actual figures. Nigeria might overtake Venezuela very soon

Nawa Nlfpmod. How I go be for Keresimesi, T-Pain no dey show joy.

Only God will deliver us from these people

We are still patient waiting for tinubu lagos miracle.

mumu government

If not for Daddy G.O,It would have been 90 percent,but we thank goodness for Daddy G.O's prayers who made it be only 34.percent

Daddy G.O E seun ooo

Hahahaha...
Tinubu policies are yielding results..

RealLordZeus:
How they calculate this inflation rate is left to the economists

How will rice went from 20k to 100k and you are giving 33%

It's all lies.

338% is a more accurate estimate.

somebody help me so that I can see garri drink for the night. abeg

81 6362 3337

opay

Where those guys wey they use our reserve to stabilize dollars?
See now qe cant link our Major (Telegram airdrop) with our OKX because Nigerian govt say na them and Binance they cause naira to fall

Tinubu till 2035.
The policy is good for Nigeria. Let us bear the pains of today for a greater tomorrow 😁

Imagine people queuing to buy head of Kote, Titus and Shawa fish... Wey no be say dem dey IDP camp 😹

Patience! Una body go tell una

E never reach 180 days, no worry food prices go soon come down

Wow!

Why won't inflation soar when the dumb government keep announcing plans that will fuel inflation.

The dumb politicians stupid people elected have zero clue about how expectations affect outcome of economic events, especially when the government is known for corruption, dishonesty and reckless irresponsible spending.

Deficit budget of 43 trillion in 2025 from 4.7 trillion in 2014 with zero improvement in infrastructure, security, health, education and welfare of people

Plan to borrow almost 25 trillion in 2025

Zero subsidies

Tighten your sitbelt cos this stupid government is taking Nigeria to Zimbabwe

PUSSYHOE:
Yet people aren't dying population is still growing............

Whatever you mean by this

Between God and man, I haven't had anything to eat since morning. My stomach aches so badly. I'm hungry. I need a help 🙏

Nigeria inflation is suppressed and it is way beyond 80%

Zombies: (Helinues, CyrusIV, Yarimo Madridguy, Legendhero) what have y'all got to say?

T-Pain on the beat.