Nigeria’s headline inflation rate for September 2024 has climbed to 32.70%, showing a 0.55% increase from the previous month, according to the National Bureau of Statistics (NBS) Consumer Price Index (CPI) report. The rise is primarily fueled by higher transportation costs and food prices, attributed to recent hikes in petrol prices by the NNPCL.
Compared to September 2023, the inflation rate has surged by 5.98 percentage points, indicating a significant year-on-year increase. Additionally, the month-on-month inflation rate in September 2024 was 2.52%, suggesting a faster rise in average price levels compared to August 2024.
Food inflation has also seen a sharp increase, standing at 37.77% year-on-year in September 2024, driven by higher prices of items such as beer, vegetable oil, beef, and popular consumer products like Lipton and Bournvita.
Core inflation, excluding volatile agricultural products and energy prices, reached 27.43% year-on-year in September 2024. The largest price increases were observed in rent, intercity bus journeys, taxi fares, and meals at local restaurants.
Both urban and rural inflation rates saw an increase in September 2024, highlighting the impact of rising prices across all sectors of the economy.
