Nigeria’s inflation rate is likely to go up in October 2024, after reaching 32.70% compared to the same month last year in September, which was higher than the 32.15% in August. Experts predict this increase will happen because of higher energy costs, rising food prices, problems with the foreign exchange rate, and too much money in the economy.
Dr. Ayodeji Ebo, the head of Optimus by Afrinvest, expects inflation to be 33.8% compared to last year and 2.55% higher than the previous month. He says this is due to higher fuel prices, reduced agricultural output, and electricity tariff hikes.
Other analysts, like Olatunde Amolegbe and Samuel Oyekanmi, also point out that transportation costs, naira depreciation, and government budget issues are affecting inflation.
