By Abiola Olawale
In September 2024, Nigeria saw a rise in its inflation rate, reaching 32.7 per cent, as disclosed by the National Bureau of Statistics (NBS).
This uptick marks the first instance of inflation escalation in three months.
According to the report by NBS, the rise in inflation is attributed to various factors, including increased food and energy costs, as well as supply chain disruptions.
The NBS said the Consumer Price Index increased by 0.55 per cent (month-on-month) compared to the August headline inflation rate.
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.”
This comes after the NBS reported that the inflation rate in August stood at 32.15%, a decline from 33.40% recorded in July and 34.19% recorded in June.
