Nigeria’s Inflation Hits 32.70% In September 2024, NBS Announces

Nigeria’s headline inflation rate for September 2024 accelerated to 32.70 percent, according to the latest Consumer Price Index report from the National Bureau of Statistics (NBS).

The increase of 0.55 percent is from the August 2024 figure of 32.15 percent.

This development comes after inflation dropped consecutively in the previous two months July and August.

Year-on-year, inflation has surged by 5.98 percentage points compared to the 26.72 percent recorded in September 2023.

The report read, “In September 2024, the Headline inflation rate was 32.70% relative to the August 2024 headline inflation rate of 32.15%. Looking at the movement, the September 2024 Headline inflation rate showed an increase of 0.55% compared to the August 2024 Headline inflation rate.

“On a year-on-year basis, the Headline inflation rate was 5.98% points higher compared to the rate recorded in September 2023 (26.72%). This shows that the Headline inflation rate (year-on-year basis) increased in September 2024 when compared to the year-on-year in the preceding year (i.e., September 2023).

“Furthermore, on a month-on-month basis, the Headline inflation rate in September 2024 was 2.52%, which was 0.30% higher than the rate recorded in August 2024 (2.22%). This means that in September 2024, the rate of increase in the average price level is higher than the rate of increase in the average price level in August 2024.”

Food prices remain a key driver of inflation, with the food inflation rate climbing to 37.77 percent in September 2024, a notable rise of 7.13 percent from the 30.64 percent recorded in the same period last year.

The increase in food inflation is largely attributed to rising prices of staples such as rice, maize, beans, and yams. Month-on-month, the food inflation rate also increased to 2.64 percent in September 2024, up from 2.37 percent in August.