Bauchi, Kebbi, Sokoto, 7 other states with highest inflation in October 2024

• Nigeria’s inflation rate increased to 33.88 per cent in October 2024
• TheRadar spotlights the ten states where core and food inflation rates were the highest
• The list is dominated by states in the northern part of the country

In October 2024, Nigeria’s inflation rate stood at 33.88 per cent, a 1.18 per cent month-on-month increase from the 32.70 per cent recorded in September 2024.

According to the Consumer Product Index (CPI) report released by the National Bureau of Statistics (NBS) on Friday, November 15, the headline inflation is 6.55 percentage points higher than the 27.33 per cent recorded in October 2023.

The NBS said the food inflation rate in October 2024 was 39.16 per cent, compared to 37.77 per cent in September 2024.

On a month-on-month basis, the food inflation rate rose to 2.94 per cent, a 0.30 per cent increase from the 2.64 per cent recorded in September 2024.

The increase in inflation in October is attributed to such factors as higher food prices, increased transportation costs due to fuel price hikes, volatility in the foreign exchange (forex) market and increased money supply.

Nigeria’s inflation has been on the increase. The rate increased from 22.4 per cent in June 2023 to reach a new 28-year all-time high of 34.19 per cent in June. It tapered to 33.40 per cent in July after 19 months of increase and further declined for the second consecutive month in August to 32.15 per cent before increasing to 32.70 per cent in September 2024 and 33.88 per cent in October.

Though the surge in core and food inflation rates is felt across the country, data from the CPI report of the NBS show that some states were hit the hardest in October 2024.

10 states with the highest rate of inflation in October 2024

1. Bauchi

The North-East state recorded the highest rate of inflation in October 2024, with an all-item inflation rate of 46.68 per cent, a 1.88 per cent increase from the 44.8 per cent recorded in September 2024.

The state’s food inflation rate marginally increased by 1.33 per cent from 36.16 per cent recorded in September to 37.49 per cent in October, which indicates that the state’s inflation was driven by non-food items.

2. Kebbi

In October 2024, Kebbi’s all-item inflation rate increased by 2.03 per cent to 40.03 per cent from 38.0 per cent seen in September.

The state’s food inflation rate also increased by 2.14 per cent from the 41.20 per cent recorded in September to 43.34 per cent in October.

Unlike in Bauchi, Kebbi State’s inflation rate surge is hugely driven by higher food prices.

3. Sokoto

Sokoto recorded the third highest rate of inflation in October 2024 as the state’s all-item inflation rate rose by 0.96 per cent to 39.66 per cent from 38.7 per cent in September.

Sokoto state’s food inflation rate is the highest among the states with high inflation rate in October 2024. Food inflation soared to 52.19 per cent from 50.5 per cent in September, which represents a 1.69 per cent increase.

4. Jigawa

The all-item inflation rate in Jigawa State decreased by 0.09 per cent in October 2024 to 38.31 per cent from the 38.4 per cent seen in September.

The state’s food inflation saw a 0.25 per cent increase from 43.17 per cent in September to 43.42 per cent in October.

5. Kano

The all-item inflation rate in Kano State was 37.61 per cent in October 2024, which is a 3.15 per cent increase from the 34.46 per cent recorded in September 2024.

The state’s food inflation also increased by 4.21 per cent from 38.26 per cent recorded in September to 42.47 per cent in October.

6. Anambra

Anambra occupies the sixth spot as the state with the top highest rate of inflation in October 2024. The state’s all-item inflation rate increased by 1.33 per cent from 36.16 per cent in September to 37.49 per cent in October.

Food inflation in the state saw a 1.26 per cent increase from the 39.83 per cent recorded in September to 41.09 per cent in October.

7. Gombe

North-East Gombe State’s all-item inflation rate saw a 0.48 per cent increase in October, reaching 36.88 per cent from the 36.4 per cent recorded in September.

The food inflation rate in the state increased by 1.26 per cent. The rate rose from 44.09 per cent in September to 45.35 per cent in October.

8. Abia

The all-item inflation rate in the South-East state increased by 1.72 per cent from the 35.0 per cent recorded in September to 36.72 per cent in October.

Abia state’s food inflation rate rose from 40.9 per cent in September to 43.25 per cent in October, representing 2.35 per cent increase.

9. Zamfara

The all-item inflation rate in Zamfara State reached 36.33 per cent in October, representing a 1.4 per cent increase from the 34.93 per cent recorded in September.

Food inflation rate also increased by 2.26 per cent from 39.40 per cent  in September to 41.66 per cent in October.

10. Kaduna

In October, Kaduna State’s all-item inflation rate stood at 35.79 per cent, which is a 0.97 per cent increase from the 34.82 per cent recorded in September 2024.

Food inflation rate in the state also increased by 2.26 per cent from 38.88 per cent in September to 41.14 per cent in October.

Inflation: Nigerians to spend 54.9% income on food in next 6 months, projects CBN

Meanwhile, TheRadar reported that according to a recent survey by the Central Bank of Nigeria (CBN), the escalating inflation rate in Nigeria is expected to lead households to dedicate the largest portion of their earnings to food expenses over the next six months.

The survey, conducted from July 22 to 26, 2024, reveals that the inflation rate has surged to 33.40 per cent, with food inflation exceeding 40 per cent.