NBS Says Nigeria’s Inflation Rises To 32.70% In September 2024
Nigeria’s headline inflation rate rose to 32.70% in September 2024, up from 32.15% in August, according to the National Bureau of Statistics (NBS). This marks a 0.55% increase, despite consecutive drops in inflation in July and August.
Nigeria’s headline inflation rate rose to 32.70 percent in September 2024 from 32.15 in August, the National Bureau of Statistics, NBS, has said in its latest Consumer Price Index report.
According to the NBS, this showed an increase of 0.55 per cent within the period.
This was even as inflation dropped consecutively in the previous two months of July and August.
The NBS stated that, year- on- year, inflation surged by 5.98 percentage points compared to the 26.72 per cent recorded in September 2023.
The NBS 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-onyear basis) increased in September 2024 when compared to the year-on yearin 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 per cent in September 2024, a notable rise of 7.13 per cent from the 30.64 per cent recorded in the same period last year.
The report further stated that, the increase in food inflation was largely attributed to rising prices of staples like rice, maize, beans, and yams, even as month-on-month, the food inflation rate also increased to 2.64 per cent in September, from 2.37 per cent in August, 2024.
The NBS stated that, year- on- year, inflation surged by 5.98 percentage points compared to the 26.72 per cent recorded in September 2023.
The NBS 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-onyear basis) increased in September 2024 when compared to the year-on yearin 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 per cent in September 2024, a notable rise of 7.13 per cent from the 30.64 per cent recorded in the same period last year.
The report further stated that, the increase in food inflation was largely attributed to rising prices of staples like rice, maize, beans, and yams, even as month-on-month, the food inflation rate also increased to 2.64 per cent in September, from 2.37 per cent in August, 2024.
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