Nigeria's inflation rate reached 32.70 in September 2024, a rise from the 32.15 recorded in August 2024, representing an increase of 0.55 month-on-month.
The National Bureau of Statistics NBS released its Consumer Price Index CPI report, showing that inflation in September was driven by higher transport costs and food prices. This rise follows petrol price increases by the Nigerian National Petroleum Company Limited NNPCL since early September.
Compared to the same period last year, the inflation rate was 5.98 percentage points higher than the 26.72 recorded in September 2023, indicating a significant rise over the past year.
Month-on-month, the headline inflation rate in September 2024 stood at 2.52, slightly higher than the 2.22 recorded in August, showing a faster price increase in September.
"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.
