Nigeria’s Inflation Rises to 33.88%, Fueling Cost-of-Living Crisis

• Annual inflation accelerates in October, driven by surging food and energy prices.
• Central Bank faces pressure to raise rates further as manufacturers struggle with borrowing costs.

Abuja, Nigeria – Nigeria’s annual inflation climbed to 33.88% in October from 32.70% in the previous month, fueled by rising food and energy costs, the National Bureau of Statistics reported. Monthly inflation also edged higher, with prices increasing by 2.64% compared to September’s 2.52%, signaling a worsening cost-of-living crisis.