Nigeria’s inflation rate for September has increased to 32.70% from the previous figure of 32.15% in August according to the latest Consumer Price Index report from the National Bureau of Statistics.
The report has previously shown a drop in inflation consecutively in July and August. However, it increased by 0.55% from the figures in August.
Year-on-year inflation has surged by 5.98 percentage points compared to the 26.72 per cent recorded in September 2023.
The report stated: “In September 2024, the Headline inflation rate was 32.70% relative to the August 2024 headline inflation rate of 32.15%. Looking at the movement, the September 2024 Headline inflation rate showed an increase of 0.55% compared to the August 2024 Headline inflation 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 year in 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.”
According to the report, food prices remain a key driver of inflation, with the food inflation rate climbing to 37.77% in September 2024, a notable rise of 7.13% from the 30.64 per cent recorded in the same period last year.
Staple food in the market including rice, maize, beans, and yams have seen an increase in price largely due to the increase in fuel price.
With the fuel price rising from N670 to over N1000, it is no suprise that there is a resulting increase in other commodities.
