Nigeria’s inflation rate surged to a staggering 33.88% in October 2024, according to the latest data from the National Bureau of Statistics (NBS). This sharp increase underscores the mounting pressures on the country’s already strained economy.
Released on Friday, the NBS report revealed a 1.18 percentage point rise from the 32.70% recorded in September 2024. On a year-on-year basis, the October inflation figure marked a significant leap of 6.55 percentage points compared to the 27.33% recorded in October 2023, painting a grim picture of deteriorating economic conditions over the past year.
The month-on-month inflation rate for October 2024 stood at 2.64%, slightly higher than the 2.52% recorded in September. This uptick reflects an acceleration in the rate of price increases, adding to the financial strain faced by households and businesses.
The report pointed to soaring food prices as a major driver of the inflation spike. Rising costs of essential commodities have left many Nigerians grappling with reduced purchasing power, as basic necessities become increasingly unaffordable.
The persistent upward trend in inflation has raised alarm among economists and policymakers, who highlight the need for urgent interventions. Structural inefficiencies, particularly in food supply chains, coupled with challenges in monetary policy implementation, have stymied efforts to contain inflation.
The surging inflation rate exacerbates the hardships faced by millions of Nigerians, intensifying the call for comprehensive economic reforms. Without decisive action, the continued escalation of prices threatens to deepen poverty and erode public confidence in economic governance.
The NBS report serves as a stark reminder of the critical need for stabilisation measures to address the root causes of inflation. Effective reforms in agriculture, improved supply chain management, and strategic monetary policies are essential to curbing inflation and alleviating the burden on Nigeria’s citizens.
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