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The cost of staple foods like rice, yam, plantains, and beans significantly increased in October 2024, as Nigeria’s headline inflation rate rose to 33.88%, up from 32.7% in September, marking a 1.18 percentage point increase.
According to the National Bureau of Statistics Consumer Price Index report, the rise in inflation can be largely attributed to increased transportation costs and higher food prices. This represents a significant economic challenge, as inflation remains a persistent issue, deeply impacting the cost of living for millions of Nigerians.
These sharp price increases in staple foods have significantly strained households, particularly those in lower-income brackets.
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