Nigeria’s Inflation Rate Increases To 32.7%

Nigeria’s inflation rate has risen to 32.7% in September 2024, reversing a two-month decline that saw it drop to 32.15% in August. This increase was largely driven by a surge in month-on-month food inflation, which climbed to 2.64% from 2.37%.

The National Bureau of Statistics (NBS) reported these findings in its Consumer Price Index (CPI) for September. The Bureau stated, “In September 2024, the headline inflation rate was 32.70% compared to the August 2024 rate of 32.15%. The September 2024 headline inflation rate showed an increase of 0.55% from the previous month.”

On a year-on-year basis, the inflation rate was 5.98 percentage points higher than the rate recorded in September 2023, which was 26.72%. The NBS noted, “This shows that the headline inflation rate increased in September 2024 when compared to the same month in the preceding year.”

In addition, the NBS highlighted that the month-on-month headline inflation rate in September 2024 was 2.52%, representing a 0.30% increase from August 2024’s rate of 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 Bureau explained.

Food inflation also saw a significant rise, with the NBS reporting a rate of 37.77% year-on-year, up 7.13 percentage points from September 2023, which recorded a food inflation rate of 30.64%. The Bureau stated, “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 (Bread and Cereals Class), Yam, Water Yam, Cassava Tuber (Potatoes, Yam & Other Tubers Class), Beer (Local and Foreign) (Tobacco Class), and Lipton, Milo, Bournvita (Coffee, Tea & Cocoa Class), and Vegetable Oil, Palm Oil (Oil & Fats Class).”

On a month-on-month basis, food inflation in September 2024 was recorded at 2.64%, reflecting a 0.27% increase compared to August 2024’s rate of 2.37%. The NBS attributed this rise to the price increases in items such as Beer (Local and Foreign), Vegetable Oil, Groundnut Oil, Palm Oil (Oil & Fats Class), Beef, Gizzard, Dried Beef (Meat Class), and Milk, Eggs (Milk, Cheese, and Eggs Class).

Furthermore, the average annual rate of food inflation for the twelve months ending September 2024 was 37.53%, marking an 11.88 percentage points increase from the average annual rate recorded in September 2023, which was 25.65%.

The recent data highlights ongoing economic pressures in Nigeria, as the rising inflation rate continues to impact consumers and businesses across the nation.

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