Nigeria’s headline inflation rate for September 2024 surged to 32.70%, marking a 0.55% increase from the 32.15% recorded in August, according to the latest Consumer Price Index (CPI) report released by the National Bureau of Statistics (NBS). This follows two consecutive months of declining inflation in July and August.
Year-on-year, inflation rose by 5.98 percentage points compared to the 26.72% recorded in September 2023. The report highlighted the year-on-year increase, stating, “In September 2024, the headline inflation rate was 5.98% points higher compared to the rate recorded in September 2023 (26.72%).”
On a month-to-month basis, the inflation rate also climbed, with a 2.52% increase recorded in September 2024, up from 2.22% in August. The NBS noted that “the rate of increase in the average price level was higher in September 2024 compared to August.”
Food prices continue to drive inflation, with food inflation rising to 37.77% in September 2024. This represents a significant 7.13% jump from the 30.64% food inflation rate in the same period last year. The increase in food inflation is attributed to the rising prices of staples such as rice, maize, beans, and yams. Month-on-month, food inflation also saw an uptick, increasing to 2.64% from 2.37% in August.
The report underscores the persistent inflationary pressures facing Nigeria, with food prices remaining a key factor in the continued rise of inflation.
