BREAKING: Nigeria’s inflation rose to 32.70% in September 2024-NBS

Nigeria’s headline inflation rate for September 2024 has increased to 32.70%, reversing the downward trend observed in July and August. This information comes from the latest Consumer Price Index report released by the National Bureau of Statistics.

The rise reflects a slight increase of 0.55% from August’s inflation rate of 32.15%, indicating persistent price pressures across the nation. Year-on-year, inflation has surged by 5.98 percentage points compared to the 26.72% recorded in September 2023.

The report highlighted, “In September 2024, the headline inflation rate stood at 32.70% compared to 32.15% in August 2024, marking an increase of 0.55%. On a year-on-year basis, the headline inflation rate rose by 5.98 percentage points from September 2023’s rate of 26.72%. This indicates a year-on-year increase in the headline inflation rate when compared to the same month in the previous year.”

Additionally, on a month-on-month basis, the inflation rate for September 2024 was 2.52%, which is 0.30% higher than the 2.22% recorded in August. This suggests that the rate of increase in average prices in September surpassed that of August.

Food prices continue to be a significant factor driving inflation, with the food inflation rate climbing to 37.77% in September 2024, an increase of 7.13% from the 30.64% reported for the same month last year. This rise in food inflation is primarily attributed to escalating prices of staple foods such as rice, maize, beans, and yams. Month-on-month, food inflation also rose to 2.64% in September 2024, up from 2.37% in August.