The recent inflation report published by the National Bureau of Statistics revealed that the Headline inflation rate In October 2024 was 33.88% relative to the September 2024 headline inflation rate of 32.70%.
The October 2024 Headline inflation rate increased by 1.18% points compared to the September 2024 Headline inflation rate. On a year-on-year basis, the Headline inflation rate was 6.55% points higher than the rate recorded in October 2023 (27.33%). This shows that the Headline inflation rate (year-on-year basis) increased in October 2024 when compared to the same month in the preceding year (i.e., October 2023).
Furthermore, on a month-on-month basis, the Headline inflation rate in October 2024 was 2.64%, which was 0.12% higher than the rate recorded in September 2024 (2.52%). This means that in October 2024, the rate of increase in the average price level was higher than the rate of increase in the average price level in September 2024.