Nigeria’s headline inflation rate surged to 32.70% in September 2024, according to the latest Consumer Price Index report released by the National Bureau of Statistics (NBS). This marks an increase of 0.55 percentage points from the 32.15% recorded in August 2024, following consecutive declines in July and August.
On a year-on-year basis, inflation rose by 5.98 percentage points compared to the 26.72% recorded in September 2023. The NBS report highlighted the month-on-month trend, noting, “In September 2024, the headline inflation rate increased by 0.55% from the August rate, while on a year-on-year basis, inflation was 5.98% higher than in September 2023.”
Further analysis of the data revealed that the month-on-month inflation rate stood at 2.52% in September 2024, representing a 0.30% rise from the 2.22% recorded in August.
Food prices continued to drive the inflationary pressure, with food inflation climbing to 37.77% in September, a sharp increase of 7.13 percentage points from the 30.64% recorded during the same period last year. Staples such as rice, maize, beans, and yams were the primary contributors to this spike. On a month-on-month basis, food inflation also rose to 2.64% in September, up from 2.37% in August.
The persistent increase in food prices remains a significant factor in the overall inflation trajectory, reflecting the ongoing challenges in the nation’s economy.
