Nigeria’s inflation rate rose to 32.7 per cent in September 2024 after a 2-month decline to 32.15% in August, due to a greater increase in food prices and transportation costs after the recent fuel price hikes and poorly performing Naira.
Food inflation rate rose to 37.77 per cent in September, also reversing a 2-month decline to 37.52 per cent in August.
Economic analysts have posited that the current upward trend in the inflation rate will persist because of the relentless impact of rising fuel prices and exchange rate pressure.
The National Bureau of Statistics (NBS) in its Consumer Price Index (CPI) report has said this about the inflation rate: “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-on-year basis) increased in September 2024 when compared to the same month 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.”
The NBS further said: “The Food inflation rate in September 2024 was 37.77% on a year-on-year basis, 7.13% points higher than the rate recorded in September 2023 (30.64%).
“ The rise in Food inflation on a year-on-year basis was caused by increases in prices of the following items: Guinea Corn, Rice, Maize Grains, Beans, etc (Bread and Cereals Class), Yam, Water Yam, Cassava Tuber, etc (Potatoes, Yam & Other Tubers Class), Beer (Local and Foreign) (Tobacco Class), Lipton, Milo, Bournvita, etc (Coffee, Tea & Cocoa Class) and Vegetable Oil, Palm Oil, etc (Oil & Fats Class).
“On a month-on-month basis, the Food inflation rate in September 2024 was 2.64% which shows a 0.27% increase compared to the rate recorded in August 2024 (2.37%).
