Nigeria’s inflation rate for September 2024 rose to 32.70 percent, according to the latest Consumer Price Index from the National Bureau of Statistics, marking an increase of 0.55 percentage points from August’s 32.15 percent.
This follows consecutive declines in July and August. Year-on-year, inflation increased by 5.98 percentage points from 26.72 percent in September 2023.
The report stated, “The headline inflation rate in September 2024 was 32.70%, compared to 32.15% in August 2024, showing an increase of 0.55%.”
“On a year-on-year basis, the headline inflation rate was 5.98% points higher than in September 2023 (26.72%).”
“Month-on-month, the headline inflation rate in September 2024 was 2.52%, 0.30% higher than in August 2024 (2.22%).”
Food prices remained a key driver of inflation, with food inflation rising to 37.77 percent in September 2024, up 7.13 percentage points from 30.64 percent in the same period last year.
Staple foods such as rice, maize, beans, and yams contributed to the increase. Month-on-month, food inflation rose to 2.64 percent in September 2024, up from 2.37 percent in August.