Nigeria Reports Inflation Rate Increase To 32.7%

Nigeria Reports Inflation Rate Increase To 32.7%Nigeria’s inflation rate rose to 32.7% in September, reversing a trend of two consecutive months of decline, where it stood at 32.15% in August. This increase was mainly driven by a rise in month-on-month food inflation, which climbed to 2.64% from 2.37% the previous month.....KINDLY READ THE FULL STORY HERE▶

The National Bureau of Statistics (NBS) disclosed these figures in its Consumer Price Index (CPI) Report for September. According to the NBS, the headline inflation rate for September 2024 was recorded at 32.70%, reflecting an increase of 0.55% from August.

On a year-on-year basis, the inflation rate was 5.98 percentage points higher than the 26.72% recorded in September 2023, indicating a significant rise in prices over the past year.

The report further indicated that, on a month-on-month basis, the headline inflation rate in September 2024 was 2.52%, which is 0.30% higher than the August figure of 2.22%. This shows that the rate of increase in average price levels in September surpassed that of August.

Food inflation specifically was reported at 37.77% year-on-year, up 7.13 percentage points from the 30.64% recorded in September 2023. Key contributors to this increase included rising prices for staples such as Guinea Corn, Rice, Maize, Beans, and various tubers like Yam and Cassava. Other items driving food inflation included beer, tea, cocoa, and cooking oils.

On a month-on-month basis, food inflation was at 2.64%, representing a 0.27% increase from August’s 2.37%. This surge was influenced by the rising costs of meats, dairy products, and other essential food items. The average annual food inflation rate for the twelve months ending September 2024 stood at 37.53%, which is an increase of 11.88 percentage points from the previous year’s rate of 25.65%.

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