Nigeria’s headline inflation rate in September 2024 rose to 32.70%, up from 32.15% in August 2024, marking a 0.55% increase month-on-month.
This is according to the National Bureau of Statistics (NBS) Consumer Price Index (CPI) report which stated that inflation during the month was propelled by increases in transportation costs and food prices. This is coming on the heels of increases in petrol prices by the NNPCL since early September.
On a year-on-year basis, the rate was 5.98 percentage points higher than the 26.72% recorded in September 2023, indicating a significant increase in inflation over the past year.
Additionally, on a month-on-month basis, the headline inflation rate in September 2024 was 2.52%, 0.30% higher than the 2.22% recorded in August 2024. This indicates that the average price level increased at a faster rate in September compared to August 2024.
