Nigeria’s inflation rate soared to 33.88% in October 2024, up from 32.70% in September, according to the NBS. Food inflation also jumped to 39.16%, driven by rising costs of staples like rice and yams. The economic pressure sparks concerns, with citizens calling for urgent fiscal reforms.
Nigeria's inflation rate climbed to 33.88% in October 2024, marking a consecutive monthly rise from 32.70% in September, as reported by the National Bureau of Statistics (NBS). This increase highlights a 6.55% year-on-year surge from October 2023's 27.33%. Monthly inflation also rose, reaching 2.64%, slightly above September’s 2.52%. Food inflation hit a staggering 39.16%, compared to 33.77% the previous month. Key contributors to food inflation include rising prices of staples like guinea corn, rice, yams, palm oil, and beverages like Milo and Lipton.
The inflation spike sparked intense reactions on social media. While some users criticized government inefficiency, others joked about the rising cost of living, with comments such as, “Inflation dey rise, government officials’ pockets dey rise too.” A call for economic reform echoed in posts like, “Nigeria needs complete financial intervention.”
The NBS attributed the inflation increase to the climbing costs of essential goods, impacting Nigerians' daily lives. Economic analysts warn of the burden on households as prices outpace incomes, fueling discontent across the country.
Citizens continue to demand urgent fiscal reforms to address the financial crisis as Nigeria braces for the upcoming months.
