“Breaking: Nigeria’s Inflation Rate Soars to 32.7% – What It Means for the Economy”

Babatunji Wusu –

Nigeria’s inflation rate rose to 32.7% in September 2024, reversing two months of decline. In August, the rate was 32.15%, indicating an increase of 0.55% from the previous month. The National Bureau of Statistics (NBS) attributed this uptick primarily to a rise in month-on-month food inflation, which increased to 2.64% from 2.37% in August.

On a year-on-year basis, the inflation rate for September 2024 was 5.98 percentage points higher than the 26.72% recorded in September 2023. The NBS reported that the headline inflation rate rose to 32.70%, with a month-on-month increase of 2.52%, which is 0.30% higher than the 2.22% rate observed in August.

The food inflation rate reached 37.77% year-on-year, up 7.13 percentage points from 30.64% in September 2023. Significant price increases were noted in items such as guinea corn, rice, maize, beans, yams, and various oils. Month-on-month food inflation also rose to 2.64%, reflecting higher prices for local and foreign beers, vegetable oils, meats, and dairy products.

Overall, the average annual rate of food inflation for the twelve months ending in September 2024 was 37.53%, an increase of 11.88 percentage points from the previous year’s average of 25.65%. This data highlights ongoing challenges in managing inflation and rising food costs in Nigeria.