According to the National Bureau of Statistics (NBS), Nigeria’s headline inflation rate climbed to 32.70% in September 2024, as revealed by the latest Consumer Price Index (CPI) report.
This marks an increase of 0.55 percentage points from the 32.15% recorded in August 2024, following two consecutive months of inflation decline in July and August.
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Year-on-year, inflation surged by 5.98 percentage points compared to the 26.72% recorded in September 2023. The NBS report stated, “In September 2024, the headline inflation rate rose to 32.70%, up by 0.55% from the August figure of 32.15%. This reflects a notable upward movement in the rate.”
On a year-on-year basis, the September 2024 headline inflation was 5.98 percentage points higher than in September 2023, showing a substantial rise over the past year. Month-on-month, the inflation rate also rose by 0.30 percentage points to 2.52% in September, compared to 2.22% in August, signaling a faster rise in the average price level.
A significant driver of inflation remains food prices, with food inflation rising to 37.77% in September 2024. This represents a 7.13 percentage point increase from the 30.64% reported in September 2023. Staple foods such as rice, maize, beans, and yams have seen notable price hikes. Month-on-month, food inflation grew to 2.64% in September, up from 2.37% in August 2024.
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