The recent inflation report published by the National Bureau of Statistics revealed that the Headline inflation rate in October 2024 was 33.88%, an increase from the September 2024 headline inflation rate of 32.70%.
Key points:
- The October 2024 Headline inflation rate increased by 1.18 percentage points compared to the September 2024 Headline inflation rate.
- On a year-on-year basis, the Headline inflation rate was 6.55 percentage points higher than the rate recorded in October 2023, which was 27.33%. This indicates a significant increase in the Headline inflation rate in October 2024 compared to the same month in the previous year.
- On a month-on-month basis, the Headline inflation rate in October 2024 was 2.64%, which was 0.12 percentage points higher than the rate recorded in September 2024 (2.52%). This means that the rate of increase in the average price level in October 2024 was higher than the rate of increase in the average price level in September 2024.
Overall, the report highlights a continuing upward trend in the inflation rate, with notable increases both on a monthly and yearly basis.
