Nigeria’s inflation rate experienced an increase to 32.7 per cent in September, marking a departure from two consecutive months of decline, where it stood at 32.15% in August.
This uptick was primarily influenced by a rise in Month-on-Month Food Inflation, which escalated to 2.64% from the previous 2.37%.
The National Bureau of Statistics (NBS) reported these findings in its Consumer Price Index (CPI) for September.
According to the Bureau, in September 2024, the Headline inflation rate reached 32.70%, compared to the August 2024 rate of 32.15%. This indicates an increase of 0.55% in the Headline inflation rate from August to September 2024.
On a year-on-year comparison, the Headline inflation rate was 5.98 percentage points higher than the rate recorded in September 2023, which was 26.72%.
This indicates that the Headline inflation rate on a year-on-year basis rose in September 2024 compared to the same month in the previous year (September 2023).
Additionally, on a month-on-month basis, the Headline inflation rate for September 2024 was 2.52%, reflecting an increase of 0.30% from the August 2024 rate of 2.22%.
This suggests that in September 2024, the rate of increase in the average price level surpassed that of 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%).
“The rise can be attributed to the rate of increase in the average prices of Beer (Local and Foreign) (Tobacco Class), Vegetable Oil, Groundnut Oil, Palm Oil, etc (Oil & Fats Class), Beef, Gizzard, Dried Beef, etc. (Meat Class), Lipton, Milo, Bournvita, etc (Coffee, Tea & Cocoa Class) and Milk, Egg etc (Milk, cheese and Eggs Class).
“The average annual rate of Food inflation for the twelve months ending September 2024 over the previous twelve-month average was 37.53%, which was an 11.88% points increase from the average annual rate of change recorded in September 2023 (25.65%).”
