Nigeria’s headline inflation rate for September 2024 increased to 32.70 percent, according to the National Bureau of Statistics’ most recent Consumer Price Index report.
The 0.55 percent increase compares to the August 2024 level of 32.15 percent.
The development came after inflation declined consecutively in the previous two months, July and August.
Year on year, inflation has risen by 5.98 percentage points, compared to 26.72 percent in September 2023.
According to the study, the headline inflation rate in September 2024 was 32.70%, compared to 32.15% in August 2024. Looking at the change, the September 2024 headline inflation rate increased by 0.55% when compared to the August 2024 headline 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 costs remain a primary driver of inflation, with the food inflation rate jumping to 37.77 per cent in September 2024, a notable gain of 7.13 per cent from the 30.64 per cent reported in the same period last year.
Food inflation has been driven mostly by increased costs for commodities such as rice, maize, beans, and yams. Month after month, the food inflation rate rose to 2.64 percent in September 2024, up from 2.37 percent in August.
