Nigeria’s inflation rate for September 2024 rose to 32.70%, marking a slight increase from the previous month’s 32.15%, as stated by the latest Consumer Price Index report by the National Bureau of Statistics, NBS.
This uptick reflects ongoing inflationary pressures across the country. Year-on-year, the inflation rate surged by 5.98 percentage points, compared to the 26.72% recorded in September 2023.
The report read: “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-onyear basis) increased in September 2024 when compared to the year-on yearin the preceding year (i.e., September 2023).
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“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.”
Credible News recalls that in July, NBS, had said prices of beans, tomatoes, irish potatoes, garri, yam and other food items witnessed significant price increases in June 2024.
The NBS noted that this in its Selected Food Prices Watch report for June 2024 released in Abuja on July 23. The report disclosed that the average price of 1kg of brown beans increased by 252.13 per cent from N651.12 recorded in June 2023 to N2,292.76 in June 2024.
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