In October 2024, the inflation rate (CPI) rose to 33.80%, up from 32.70% recorded in September 2024, marking a 1.18 percentage point increase from the previous month. This increase also extended to food inflation, which saw a rise reaching 39.16% from 37.77% recorded in September, indicating a 1.39 percentage point increase. Urban inflation also saw a rise, climbing to 36.38%, while rural inflation rose to 31.59%, representing month-on-month increases of 1.24 and 1.10 percentage points, respectively. Notably, the country's foreign reserves aslo saw a monthly average rise of 1.20%, reaching a total of $40.26 billion.

According to the Liquified Petroleum Gas (LPG)/Cooking Gas Price Watch of the National Bureau of Statistics (NBS), the average retail price for refilling a 5 kg cylinder of liquefied petroleum gas (cooking gas) increased by 4.19% month-on month from N6,430.02 in August 2024 to N6,699.63 in September 2024. However, it rose by 59.90% year-on-year when compared to N4,189.96 in September 2023. Zonal analysis revealed that the North-East had the highest price for refilling a 5-kg cylinder of cooking gas at N6,929.02, followed by the South-East at N6,893.47 and the North-West at N6,382.30. At the state level, Rivers recorded the highest average price for refilling a 5-kg cylinder of cooking gas at N7,271.88 and Borno at N7,089.72. Conversely, Kebbi had the lowest price at N5,950.00, with Kano at N6,133.33 and Benue at N6,143.52. Unchecked inflation negatively impacted the price increase. The rising cost of cooking gas significantly challenges the livelihood of Nigerians, necessitating government intervention to lessen the burden on low-income households. Specifically, there is a significant need for increased support for local gas production, a reduction in taxes and levies on local gas production, and the promotion of alternative cooking energies sources for households.

The recent Nigerian capital importation report by the National Bureau of Statistics (NBS) revealed that the total value of capital importation stood at $2.6 billion in Q2 2024, indicating a 22.85% decline from the $3.4 billion recorded in the previous quarter. By type, portfolio investments recorded the highest value at $1.4 billion, accounting for 53.93% of the total, while other investments stood at $1.2 billion (44.92%). Foreign direct investments (FDI) recorded the least volume at $29.8 million, accounting for about 1.2% of the total capital importation in Q2 2024. Sector-wise, the banking sector saw the highest inflow, with US$1.1 billion (43.15%), followed by the production/manufacturing sector at US$624.7 million (23.99%) and the trading sector at US$569.2million (21.86%). Additionally, the report revealed that the highest capital importation came from the United Kingdom, accounting for 43.01% of the total, valued at US$1,120.15 million, followed by the Netherlands at 22.19% (US$577.82 million) and South Africa at 9.83% (US$255.98 million). FDI, which contributed the least, recorded a 74.97% decrease quarter-on-quarter,driven by macroeconomic uncertainty characterised by high inflation rate and exchange rate volatility. Persistent insecurity and fragile business environments leading to a decline in investors’ confidence might have contributed to the decline in FDI. To reverse this trend, the government must develop policies that promote macroeconomic stability, ensure forex liquidity, and create favourable business environments.

According to the National Bureau of Statistics, the average cost of a healthy diet (CoHD) for August 2024 was N1,255 per adult per day, a 0.8% decrease from N1,265 in the previous month. CoHD is the most costeffective combination of locally accessible commodities that meet worldwide food-based dietary requirements, suggesting that the average Nigerian spends N1,255 per day to maintain a healthy diet. At the regional level, CoHD was highest in the Southwest at N1,554 per adult per day, followed by the South-South at N1,381 per adult per day and the lowest in the Northwest at N1,014. However, the CoHD increased by 28% in August when compared with N982 reported in March this year. The slight decline in CoHD could be attributed to several factors including the decrease in food inflation to 37.52% in August. Nonetheless, more than 31.8 million Nigerians are facing acute food insecurity, which is worsened by malnutrition among women and children. Acute food insecurity worsens poverty, reduces food availability and slows economic activity. The prevailing acute food insecurity is attributed to the high rate of insecurity across the country, particularly in the Northern region of the country. Tackling this requires urgent response from the government. Thus, the government should strengthen security while also providing farmers with agricultural support programs, particularly subsidising the agricultural inputs in order to foster agricultural production and hence, alleviating food insecurity which in turn would reduce the costs of a healthy diet.

The National Bureau of Statistics' (NBS) Selected Food Price Watch for August 2024 revealed a significant increase in food prices, indicating a decline in the average Nigerian's welfare. The price of 1 kg of locally produced brown beans increased by 5.31% month-on-month (MoM) from N2,444 in July 2024 to N2,574. Likewise, the price of 12-medium-sized agricultural eggs rose by 5.48% MoM, from N2,170 in July to N2,289 in August. A notable price increase was also recorded in 1 kg of local rice, which rose by 3.65% MoM to N1,831 in August 2024. State-wise, Akwa Ibom recorded the highest price for beans at N3,276, while Adamawa recorded the lowest price at N1,710 per kg. Jigawa State recorded the lowest price of N1,786 for agricultural eggs, while Niger State recorded the highest price at N2,996. These price increases can be attributed to rising transportation costs, instability in the exchange rate of the Naira, and insecurity on farmlands in the country. The continued rise in food prices could have severe consequences for Nigerians' welfare and economic growth. Rising food prices disproportionately affect low-income households, leading to reduced purchasing power, increased food insecurity and malnutrition, and widening inequality. The government must implement policies to improve agricultural productivity in the long run. These should include subsidies for agro-allied industries, increased investment in agricultural infrastructure and reduced tariffs on essential food products. Unemployment rises to 5.3% in Q1 2024