Nigeria’s inflation rate surged to 33.9% in October, up from 32.70% in September, driven by escalating food prices, according to the National Bureau of Statistics. Food inflation nearly reached 40% year-on-year, fueled by sharp increases in staples like maize, rice, and cooking oil.
The inflation spike follows President Bola Tinubu’s decision to end a longstanding fuel subsidy and devalue the Naira twice, further straining household budgets. After a brief decline in July, factors like erratic petrol prices and devastating floods that swept away crop fields have intensified the crisis, depleting savings and worsening living conditions.
The central bank, which has raised interest rates five times this year to curb inflation, may be prompted to take additional measures. The economic challenges have sparked widespread discontent. In August, protests erupted nationwide as demonstrators demanded the return of fuel and electricity subsidies to ease the financial burden.
