Nigeria’s inflation rate surges to 32.70% in September- NBS
National Bureau of Statistics NBS
Abdullateef Fowewe
Nigeria’s inflation rate in September 2024 rose to 32.70%, from 32.15% in August 2024, marking a 0.55% increase month-on-month.
This is the first increase in three months after Nigeria’s inflation rate declined in August and July of 2024.
The inflation rate was sourced in a report shared on the website of the National Bureau of Statistics on Tuesday.
The report reads in part, “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.”
However, this increase can be linked to the rising prices of items such as beer (local and foreign) in the tobacco class, vegetable oil, groundnut oil, and palm oil in the oil and fats class, as well as beef, gizzard, dried beef in the meat class, and products like Lipton, Milo, and Bournvita.
On September 15, Dailyeconomy reported that Nigeria’s inflation rate decreased to 33.40% in July 2024, down from 34.19% in June 2024, and also dropped from 33.40 % in July 2024 to 32.15% in August 2024.
