Inflation in October expected — CBN

The majority of Nigerians believed that the country’s inflation would rise further in October 2024.

This is according to the Inflation Expectation Survey released on Tuesday by the Central Bank of Nigeria, CBN.

This comes ahead of Nigeria’s October inflation figure to be released by the National Bureau of Statistics on Friday, 15 November 2024.

The CBN report had indicated that October inflation will rise further from 32.70 per cent recorded in September.

The CBN survey said that rising energy costs would be the major driver of the expected October inflation figure.

“The overall perception of the current inflation rate shows that most respondents believe the inflation rate is high. Further analysis indicates that this perception is mainly driven by household respondents,” it stated.

DAILY POST recalls that the price of Premium Motor Spirit increased from N617 to between N1060 and N1,150 per litre. Similarly, the prices of automotive gas oil (diesel), kerosene, liquefied petroleum gas (cooking gas), and electricity costs have witnessed significant rises in the last months.