Nigeria’s inflation rises to 32.70% after two-month decline
Nigeria’s headline inflation rate climbed to 32.70% in September 2024, up from 32.15% in August, reflecting a month-on-month increase of 0.55%.
This marks the first rise in three months, following two consecutive declines in July and August 2024.
The latest inflation figures were published in the Consumer Price Index (CPI) report by the National Bureau of Statistics (NBS) on Tuesday.
On a year-on-year basis, Nigeria’s inflation rate in September 2024 was 5.98 percentage points higher than the 26.72% recorded in September 2023, highlighting a significant rise in inflation over the past year.
Moreover, the month-on-month inflation rate for September 2024 stood at 2.52%, an increase of 0.30% from the 2.22% recorded in August 2024, indicating that average price levels rose more rapidly in September compared to the previous month.
The food inflation rate for September 2024 reached 37.77% year-on-year, marking a rise of 7.13 percentage points from the 30.64% reported in September 2023.
On a month-on-month basis, the food inflation rate for September 2024 was 2.64%, indicating a 0.27% increase from the 2.37% recorded in August 2024.
This increase is attributed to rising prices for items such as local and foreign beer in the tobacco category, as well as vegetable oil, groundnut oil, and palm oil in the oils and fats category. Additionally, prices for beef, gizzards, and dried beef in the meat category, along with products like Lipton, Milo, and Bournvita, have also contributed.
The average annual food inflation rate for the twelve months ending in September 2024 was 37.53%, marking an 11.88 percentage point increase from the 25.65% recorded in September 2023.
Core inflation, which excludes volatile agricultural products and energy prices, reached 27.43% year-on-year in September 2024, up 5.59 percentage points from 21.84% in September 2023.
The most significant price increases were observed in areas such as rent (both actual and imputed rentals for housing), intercity bus fares, taxi fares (under passenger transport by road), and meals at local restaurants (accommodation services).
On a month-on-month basis, the core inflation rate was 2.10% in September 2024, a decrease of 0.17% from the 2.27% recorded in August 2024.
The urban inflation rate for September 2024 was 2.67%, reflecting a 0.28 percentage point increase from 2.39% in August 2024.
Meanwhile, the rural inflation rate stood at 2.39% in September 2024, up by 0.33 percentage points from 2.06% recorded in August 2024.
Proofreading by Uchechi Ojo, Sub-editor at Neptune Prime.
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