Abuja, Nigeria – The National Bureau of Statistics (NBS) has reported that Nigeria’s headline inflation rate increased to 32.7% for September 2024, following a decline in the preceding months of July and August. In August, the inflation rate had dropped to 32.15%, marking a 1.25 percentage point decrease from the 33.4% recorded in July 2024. This represented the second consecutive monthly slowdown in inflation after easing in August.
However, the latest Consumer Price Index report from the NBS indicates a marginal increase of 0.55 percentage points from the August figure, reflecting ongoing price pressures across the country. Year-on-year, the inflation rate has surged by 5.98 percentage points compared to the 26.72% recorded in September 2023.
The NBS report states, “In September 2024, the headline inflation rate was 32.70% relative to the August 2024 headline inflation rate of 32.15%. The September 2024 headline inflation rate showed an increase of 0.55% compared to the August 2024 headline inflation rate.”
Furthermore, on a month-on-month basis, the headline inflation rate for September 2024 was recorded at 2.52%, which is 0.30% higher than the 2.22% rate recorded in August. This indicates that the rate of increase in the average price level for September 2024 exceeded that of August 2024.
