Inflation rate in Nigeria increases by 0.55% to 32.7% in a month

The National Bureau of Statistics (NBS) has published data showing higher transportation costs and food prices, largely fueled by the petrol price hikes by NNPC in early September, the inflation increased to 32.70% in September, 2024, up from 32.15% in August, marking a 0.55% increase from the previous month. 

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Compared to last year, inflation surged by 5.98 percentage points, which is more than 26.72% recorded in September 2023. Additionally, prices increased by 2.52% in September, a faster increase than the 2.22% recorded in August, on a month-by-month basis.

Food inflation rate increases

Food inflation was recorded in products like local and foreign beer, oils (vegetable, groundnut, palm oil), and meats such as beef and gizzard. Everyday items like Lipton, Milo, and Bournvita also saw a spike in price. 

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Year-on-year, it increased from 30.64% in September 2023 to 37.77% in September 2024. Additionally, it went up from 2.37% in August to 2.64%. Over the last 12 months, the average food inflation rate was 37.53%, up from 25.65% in the same period last year.

Due to the increment in prices of housing rents, bus and taxi fares, and meals at local restaurants, core inflation excluding prices of food and energy since they’re volatile, smashed 27.43% in September 2024, a 5.59 percentage point increase compared to 21.84% in September 2023.

On the other hand, core inflation decreased slightly to 2.10%, down from 2.27% in August.

From 2.39% recorded in August to 2.67% in September 2024, urban areas also experienced an increase in inflation rate. At the same time,  inflation in rural areas rose to 2.39% in September, compared to 2.06% in August.

What You Should Know 

In summary, pressure is mounting on households in Nigeria as rising petrol prices have contributed to a surge in transportation and food costs, which are key drivers of Nigeria’s inflation. Subsequently, it is anticipated that the government will put in their best to curb the surging inflation rate.