Nigeria’s inflation rate has risen to 32.7% in September 2024, reversing a two-month trend of consecutive declines, with August’s rate recorded at 32.15%. This increase was primarily driven by a notable surge in month-on-month food inflation, which rose to 2.64% from 2.37%.
The National Bureau of Statistics (NBS) released the Consumer Price Index (CPI) report for September, indicating that the headline inflation rate for September was 32.70%, reflecting an increase of 0.55% compared to August’s rate. This represents a significant rise from the 26.72% recorded in September 2023, marking a year-on-year increase of 5.98 percentage points.
On a month-on-month basis, the inflation rate for September was 2.52%, which is 0.30% higher than the 2.22% recorded in August. This indicates that the rate of increase in the average price level has accelerated compared to the previous month.
The food inflation rate reached 37.77% on a year-on-year basis, which is an increase of 7.13 percentage points compared to the 30.64% recorded in September 2023. This significant rise underscores the challenges facing consumers amid escalating food prices.
The rise in inflation, particularly food inflation, continues to impact the economic landscape in Nigeria, placing additional strain on households and the overall cost of living. The NBS’s report indicates that the trend of rising prices is likely to persist, prompting concerns about the sustainability of economic recovery and the welfare of the population.