The Centre for the Promotion of Private Enterprise has said that despite October’s inflation drop to 16.05 per cent, Nigerians are still grappling with a crippling cost of living.


This was disclosed in a statement on Monday by CPPE’s Chief Executive Officer.

DAILY POST reports that Nigeria’s inflation rate dropped for the seventh consecutive time to 16.05 per cent in October.


Reacting, CPPE said the reality for millions of Nigerians remains tough.

He noted that though the October data signals improving macroeconomic stability, helped by exchange rate calm, better policy coordination and strong base effects, he warned that the cost of essential goods and services is still punishing Nigerian households.


“This is a significant disinflation milestone for the economy, but the impact on welfare is still minimal because structural pressures remain very high,” Yusuf said.

According to him, the sectors that matter most to families food, transportation, housing, electricity, education and health jointly accounted for 84 per cent of the inflation burden in October, keeping living costs elevated.

The think tank group explained that although food inflation dropped from 16.87 per cent in September to 13.12 per cent in October, month-on-month food prices still ticked upward.


Why Inflation Dropped — CPPE

CPPE listed three major factors behind the sharp disinflation. Inflation in October 2024 stood at a staggering 33.8 percent, making the year-on-year comparison lower; The naira saw modest appreciation, helping reduce imported inflation and Monetary tightening, better FX liquidity and reduced speculation helped stabilise prices.

CPPE also called on urgent government action to sustain the gains and make life more affordable. Yusuf outlined key interventions such as expanding irrigation, storage, processing and secure farming communities and fixing critical federal highways and expanding freight rail, among other interventions, to boost impact on Nigerians.


Yusuf said the October drop is a “big win for stability”, but Nigerians will only feel real relief when food, transport, housing and energy costs begin to fall meaningfully.

“Disinflation is good news, but without structural reforms, it will not reduce the cost of living for ordinary Nigerians,” he warned.

He added that we should “double down on reforms” to ensure the current trajectory is not only sustained but translated into real-life benefits for households and businesses.