Nigeria’s inflation has reversed its downward trajectory as the new data from the National Bureau of Statistics (NBS) showed that headline inflation rose to 32.70 percent, a 0.55 point increase in September 2024. That is higher than the 32.15 percent recorded in the previous month.
Food inflation rate in September 2024 was 37.77 percent on a year-on-year basis, 7.13 per cent points higher than the rate recorded in September 2023 (30.64 per cent).
Recent government’s unpopular policies, including removal of gasoline subsidy and floating of the local currency, have resulted in high commodity prices. A litre of petrol product now sells for between N1,030 and N1,300.
The statistics bureau attributed the rise in food inflation to increases in prices of guinea corn, rice, maize grains, beans, bread and tubers of yam.
On a month-on-month basis, the food inflation rate in September 2024 was 2.64 per cent, which showed a 0.27 per cent increase compared to the rate recorded in August 2024 (2.37 per cent).
The average annual rate of food inflation for the 12 months ending September 2024 over the previous twelve-month average was 37.53 per cent, which was 11.88% points increase from the average annual rate of change recorded in September 2023 (25.65 per cent).
In September 2024, urban inflation rate was 35.13 per cent, this was 6.46 per cent points higher compared to the 28.68 per cent recorded in September 2023. On a month-on-month basis, the Urban inflation rate was 2.67 per cent in September 2024, this was 0.28 per cent points higher compared to August 2024 (2.39 per cent).
The corresponding twelve-month average for the urban inflation rate was 33.95 per cent in September 2024. This was 9.84 per cent points higher compared to the 24.10 per cent reported in September 2023.
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The rural inflation rate in September 2024 was 30.49 per cent on a year-on-year basis. This was 5.55 per cent higher compared to the 24.94 per cent recorded in September 2023.
On a month-on-month basis, the Rural inflation rate in September 2024 was 2.39%, up by 0.33 per cent points compared to August 2024 (2.06 per cent). The corresponding 12-month average for the Rural inflation rate in September 2024 was 29.76 per cent. This was 7.97 per cent higher compared to the 21.79 per cent recorded in September 2023.
