Nigeria’s inflation rate rose to 32.7% in September, reversing a two-month decline to 32.15% in August. The National Bureau of Statistics (NBS) disclosed this in its Consumer Price Index (CPI) Report for September.
The NBS stated: “In September 2024, the Headline inflation rate was 32.70% relative to the August 2024 headline inflation rate of 32.15%.” This 0.55% increase indicates a concerning trend.
On a year-on-year basis, the Headline inflation rate was 5.98% points higher than the rate recorded in September 2023 (26.72%). As the NBS noted: “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.”
Food inflation drove this surge, with a rate of 37.77% on a year-on-year basis. The NBS explained: “The rise in Food inflation on a year-on-year basis was caused by increases in prices of… Guinea Corn, Rice, Maize Grains, Beans, etc. (Bread and Cereals Class), Yam, Water Yam, Cassava Tuber, etc. (Potatoes, Yam & Other Tubers Class)…).
On a month-on-month basis, the Food inflation rate increased by 0.27% compared to August 2024. The NBS attributed this rise to price hikes in Beer, Vegetable Oil, Groundnut Oil, and other essentials.
The average annual rate of Food inflation for the twelve months ending September 2024 was 37.53%, an 11.88% points increase from the average annual rate of change recorded in September 2023.
This inflationary trend has significant implications for Nigerian consumers, particularly those struggling to afford basic necessities. The government must address underlying economic issues to mitigate the effects of inflation.
In conclusion, Nigeria’s inflation rate reversal is a pressing concern. The NBS report highlights the need for vigilant economic management to ensure price stability and safeguard the well-being of Nigerian citizens.
The report’s findings underscore the importance of monitoring inflation trends and adjusting economic policies accordingly.
