News

See the Percentage Nigeria’s Inflation Rate Increases to

Published by Tope Fakinlede on October 16th, 2024.

See the Percentage Nigeria’s Inflation Rate Increases to

Nigeria’s inflation rate climbed to 32.7% in September, marking a departure from two consecutive months of decline, with August’s rate at 32.15%. This uptick was largely attributed to a rise in month-on-month food inflation, which increased from 2.37% to 2.64%.

The National Bureau of Statistics (NBS) reported these figures in its Consumer Price Index (CPI) for September. According to the Bureau, “In September 2024, the headline inflation rate reached 32.70%, up from 32.15% in August, indicating a rise of 0.55%.”

Year-over-year, the headline inflation rate was 5.98 percentage points higher than the 26.72% recorded in September 2023, demonstrating an increase in inflation compared to the same month last year.

On a month-to-month basis, the inflation rate for September was recorded at 2.52%, reflecting a 0.30% rise from the 2.22% seen in August, signifying a faster pace of price increases.

Food Inflation

The NBS further reported that food inflation for September 2024 stood at 37.77%, representing a 7.13 percentage point increase from the 30.64% observed in September 2023.

This annual rise in food inflation was driven by price hikes in various items, including guinea corn, rice, maize, beans, yams, cassava, and certain beverages. Month-to-month food inflation for September was recorded at 2.64%, which is a 0.27% increase compared to August’s rate of 2.37%.

The increase in food prices was particularly noted in items such as local and foreign beer, vegetable oils, beef, and dairy products. The average annual rate of food inflation for the twelve months ending in September 2024 was 37.53%, an 11.88 percentage point rise from the average recorded in September 2023, which was 25.65%.