Image shows a graph with the word “Inflation” and declining trend, symbolizing economic and technological progress.
Nigeria’s inflation rate increased to 32.70% in September 2024, up from 32.15% in August, after a two-month decline, according to the National Bureau of Statistics. Back in July, the country’s headline rate dropped for the first time in over a year, declining to 33.40% from 34.19% the previous month. The headline inflation rate further dropped to 32.15% in July. As a result, the current rise represents a 0.55% monthly increase, bringing the inflation rate to 5.98 percentage points higher than the 26.72% recorded in September 2023. Food inflation also rose sharply, hitting 37.77% year-on-year, with significant price hikes in essential items like rice, maize, beans, and vegetable oils. The month-on-month food inflation rate climbed to 2.64%, up from 2.37% in August. Analysts had predicted a decline in inflation earlier this year, but the current figures indicate ongoing price pressures.
SOURCE: BUSINESS INSIDER