The inflation rate in Nigeria rose for the second consecutive month in October, reaching 33.88 percent, up from 32.70 percent recorded in September 2024.
The National Bureau of Statistics (NBS) disclosed this in data released today in Abuja.
The Central Bank of Nigeria (CBN) has raised interest rates five times this year in an effort to control inflation, with another rate-setting meeting scheduled for later this month.
Inflation accelerated sharply in the second half of 2023 following President Bola Tinubu’s decision to devalue the naira and cut subsidies, measures aimed at boosting economic growth and improving public finances.
After easing in July 2024 as the effects of the naira devaluation began to subside, inflation surged again due to a series of petrol price hikes.
These increases have intensified inflationary pressures, worsening the most severe cost-of-living crisis in decades in Africa’s most populous nation.
