Nigeria’s headline inflation rate rose to 33.88% in October 2024, up from 32.7% in September 2024, reflecting a 1.18%-point month-on-month increase.
This is according to the National Bureau of Statistics (NBS) Consumer Price Index (CPI) report, which attributed the rise in inflation to increased transportation costs and higher food prices.
On a year-on-year basis, the rate was 6.55%-points higher than the 27.33% recorded in October 2023, highlighting a substantial increase in inflation over the past year.
On a month-on-month basis, the headline inflation rate in October 2024 stood at 2.64%, representing a 0.12% increase from the 2.52% recorded in September 2024
This indicates that the rate of increase in the average price level in October 2024 was higher than the rate of increase observed in September 2024.
The food inflation rate in October 2024 stood at 39.16% year-on-year, an increase of 7.64%-points compared to the 31.52% recorded in October 2023.
On a month-on-month basis, the food inflation rate rose to 2.94%, a 0.30% increase from the 2.64% recorded in September 2024.
This increase was driven by rising prices of items such as local and foreign beer in the tobacco class, vegetable oil, groundnut oil, and palm oil in the oil and fats class, as well as beef, gizzard, dried beef in the meat class, and products like Lipton, Milo, and Bournvita.
The average annual food inflation rate for the twelve months ending in October 2024 was 38.12%, representing an 11.79 %-point increase from the 26.33% recorded in October 2023.
In October 2024, the price of staple foods in Nigeria has continued to rise sharply, reflecting the economic challenges faced by households across the country.
Below are the 10 most expensive staple foods in Nigeria in October 2024, based on the latest data from the NBS:
Local Rice (Sold Loose)
Local rice saw a significant price jump of 137.32% compared to October 2023, making it one of the top 10 most expensive staple foods in the country.
- The price in October 2024 reached an average of N1,944.64, up from N819.42 in October 2023.
- Local rice saw a 1.56% MoM increase in October 2024, rising from N1,914.77 in September 2024. Kogi State recorded the highest price for local rice at N2,693.41, while Benue had the lowest at N1,267.25.
Agricultural Rice (Sold Loose)
Agricultural rice, which is typically sold by local farmers, experienced a YoY price increase of 138.90%, with the price in October 2024 averaging N2,023.68.
- This is up from N847.08 in October 2023. Agricultural rice saw a significant 2.95% MoM increase in October 2024, with prices rising from N1,965.64 in September 2024.
- Prices of agricultural rice varied significantly across different states, with Nasarawa reporting the highest price of N3,120.49, while Benue had the lowest at N1,354.87.
Ripe Plantain
The price of ripe plantain rose by 140.19% YoY, bringing the average price to N1,507.21 in October 2024.
- This is a substantial increase from N627.50 in the previous year. Ripe plantain prices increased by 0.45% MoM, from N1,500.43 in September 2024.
- Edo State had the highest price for ripe plantains, reaching N2,245.33, while Taraba recorded the lowest price at N600.00.
Medium-Size Agric Eggs
Medium-sized eggs saw an impressive price hike of 140.21% YoY, reaching an average price of N2,671.60 in October 2024, up from N1,112.22 in the previous year.
- The price of medium-sized agric eggs jumped by 7.42% MoM, from N2,487.04 in September 2024. Bauchi had the highest price for eggs, at N3,450.00, while Adamawa had the lowest at N2,050.00.
- The rising cost of poultry feed, high production costs, and inflation in the agricultural sector are some of the key drivers of this price surge.
Imported High-Quality Rice (Sold Loose)
Imported high-quality rice, typically favoured for its superior quality, also saw a significant price increase of 143.21% YoY.
- The average price reached N2,471.28 in October 2024, compared to N1,016.12 in October 2023. Imported high-quality rice saw a 2.80% MoM increase in October, moving from N2,403.86 in September 2024.
- The increase reflects the continued volatility in global rice markets, compounded by local inflationary pressures and the weak naira, which makes imported goods more expensive.
- Kogi State recorded the highest price for this rice at N3,187.35, while Niger had the lowest at N2,017.04.
Yam Tubers
Yam tubers, a key staple food in Nigeria, saw a sharp price increase of 148.02% YoY, with the average price reaching N1,705.58 in October 2024, compared to N687.68 in October 2023.
- Yam tubers saw a 2.22% MoM increase from N1,668.49 in September 2024. Kwara State had the highest price for yam tubers, at N4,011.57, while Adamawa had the lowest at N775.00.
- Contributing factors include high transportation costs and challenges in yam farming, particularly in regions that have faced climatic disruptions.
Unripe Plantain
Unripe plantain also saw a dramatic increase in price, rising by 152.26% YoY. In October 2024, the average price of unripe plantain was N1,539.66, up from N610.34 in the previous year.
- Unripe plantain prices rose by 1.89% MoM, from N1,511.09 in September 2024.
- Akwa Ibom had the highest price at N2,220.14, while Borno had the lowest at N822.01.
Broken Rice (Ofada Rice)
Broken rice, particularly the local Ofada rice variety, experienced an extraordinary YoY price increase of 199.16%. The average price in October 2024 reached N2,428.65, compared to N811.83 in the previous year.
- Broken rice (Ofada rice) saw a 2.93% MoM increase from N2,359.47 in September 2024.
- The price variation was significant across states, with Osun State reporting the highest price of N3,400.00, while Adamawa had the lowest price at N1,425.00.
White Beans (Black Eyed, Sold Loose)
White beans (black-eyed beans) experienced a staggering 238.04% increase in price YoY, bringing the average price to N2,603.32 in October 2024.
- The price in October 2023 was just N770.13. White beans saw a 0.94% MoM increase in price, from N2,579.02 in September 2024.
- Akwa Ibom had the highest price for white beans, at N3,199.58, while Yobe recorded the lowest price at N1,643.62.
Brown Beans (Sold Loose)
Brown beans, the most expensive staple food in Nigeria in October 2024, experienced a massive YoY price increase of 254.23%.
- The average price reached N2,798.50, compared to N790.01 in October 2023. Brown beans remain the most expensive staple food item in October 2024, with a 2.19% MoM increase from N2,738.59 in September 2024.
- Bauchi had the highest price for brown beans at N3,750.00, while Yobe had the lowest at N1,749.52. The MoM increase of 2.19% shows that the price of brown beans has been rising steadily.
- The surge can be attributed to factors such as lower yields, increased demand, and disruptions in the agricultural sector that have made beans increasingly difficult to source at affordable prices.
