Nigeria’s inflation rate rises to 32.70% in September, says NBS
According to the latest report from the National Bureau of Statistics (NBS), Nigeria’s headline inflation rate reached 32.70% in September 2024.
This figure marks a marginal increase of 0.55% from the previous month’s rate of 32.15% recorded in August 2024. The rise in inflation is significant as it reflects ongoing economic pressures within the country.
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Year-on-Year Comparison
On a year-on-year basis, the inflation rate has surged by 5.98 percentage points, compared to 26.72% recorded in September 2023. This indicates that consumers are facing higher prices for goods and services than they did a year ago, highlighting a persistent trend of rising costs.
Monthly Inflation Rate
The month-on-month inflation rate also saw an increase, rising to 2.52% in September 2024, up from 2.22% in August 2024. This suggests that not only is inflation increasing on an annual basis, but there is also a notable escalation in prices from one month to the next.
Food Inflation Insights
Food inflation remains a critical component driving overall inflation rates, with food prices climbing to 37.77% year-on-year in September 2024. This represents an increase of 7.13 percentage points from the previous year’s food inflation rate of 30.64% recorded in September 2023. Key contributors to this rise include staples such as guinea corn, rice, maize grains, beans, yams, and various oils.
On a month-to-month basis, food inflation rose by 2.64%, which is an increase from the previous month’s rate of 2.37%.
Core Inflation Trends
Core inflation, which excludes volatile items like food and energy prices, stood at 27.43% year-on-year for September 2024—an increase of 5.59 percentage points compared to the same period last year when it was at 21.84%.
Urban vs Rural Inflation
The urban inflation rate was reported at 35.13%, while rural areas experienced an inflation rate of 30.49%, indicating that both urban and rural populations are feeling the effects of rising prices.,
All these mean that Nigeria’s economy is currently experiencing significant inflationary pressures across various sectors, with essential goods and services seeing substantial price increases.
