By Our Reporter
Nigeria’s headline inflation rate increased to 32.70% in September 2024, following two months of decline in July and August. This figure, reported by the National Bureau of Statistics (NBS), marks a 0.55% rise from August’s 32.15%.
Year-on-year, inflation has jumped by 5.98 percentage points compared to the 26.72% recorded in September 2023.
The NBS report stated: “In September 2024, the Headline inflation rate was 32.70% compared to 32.15% in August. The September rate reflects an increase of 0.55%.”
The report further noted that on a month-on-month basis, the inflation rate rose to 2.52% in September, up from 2.22% in August, indicating a faster pace of price increases.
Food inflation remains a significant contributor, climbing to 37.77% in September, a rise of 7.13% from the previous year. This increase is driven by rising prices for staples like rice, maize, beans, and yams. Month-on-month, food inflation also increased to 2.64% in September from 2.37% in August.