Nigeria’s inflation rate has risen to 32.70% in September 2024, according to a report from the National Bureau of Statistics (NBS).
This marks a 0.55% increase from the 32.15% recorded in August 2024 and a 5.98 percentage point rise from September 2023.
According to the report, food inflation rate in September 2024 was 37.77 per cent on a year-on-year basis, 7.13 per cent points higher than the rate recorded in September 2023 (30.64 per cent).
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).
“On a month-on-month basis, the food inflation rate in September 2024 was 2.64 percent which shows a 0.27 percent increase compared to the rate recorded in August 2024 (2.37 percent). The rise can be attributed to the rate of increase in the average prices of beer (local and foreign) (tobacco class), vegetable oil, groundnut oil, palm oil, etc (oil & fats class), beef, gizzard, dried beef, etc (meat class), lipton, milo, bournvita, etc (coffee, tea & cocoa class) and milk, egg etc (milk, cheese and eggs class).
“The average annual rate of food inflation for the twelve months ending september 2024 over the previous twelve-month average was 37.53 percent, which was 11.88 percent points increase from the average annual rate of change recorded in September 2023 (25.65 percent),” it added.