In September 2024, Nigeria’s main inflation rate went up to 32.70%, which is a change from the decrease seen in the previous two months. The National Bureau of Statistics (NBS) says this is a 0.55% increase compared to August’s rate of 32.15%. Year-on-year, inflation has gone up by 5.98 percentage points from 26.72% in September 2023.
The main reason for this rise in inflation is the increase in food prices. The rate of food inflation reached 37.77% in September 2024, which is a significant jump of 7.13% from the 30.64% recorded in the same month last year. The rise in food prices is mainly due to the increased cost of basic foods like rice, maize, beans, and yams.
Looking at the monthly changes, the inflation rate increased to 2.52% in September 2024, up from 2.22% in August. The rate of food inflation also went up to 2.64% in September, from 2.37% in August.
