Nigeria’s inflation rate climbs to 32.70 percent in September

The National Bureau of Statistics has said Nigeria’s headline inflation rate increased to 32.70 per cent in September 2024.
The Statistician-General of the Federation, Adeyemi Adeniran, revealed this in a statement on the Consumer Price Index and Inflation Report for September 2024 in Abuja on Tuesday.
According to the report, the figure is 0.55 per cent points higher compared to the 32.15 per cent recorded in August 2024.
It said on a year-on-year basis, the headline inflation rate in September 2024 was 5.98 per cent higher than the rate recorded in September 2023 at 26.72 per cent.
The report said the increase in the headline index for September 2024 on a year-on-year basis was attributed to the increase in some items in the basket of goods and services at the divisional level.
It said these increases were observed in food and non-alcoholic beverages (16.94 per cent), housing, water, electricity, gas, and other fuel (5.47 per cent), clothing and footwear (2.50 per cent), and transport (2.13 per cent).
Others were furnishings, household equipment and maintenance (1.64 per cent) education (1.29 per cent), health (0.98 per cent), and miscellaneous goods and services (0.54 per cent).
It noted, “Others include restaurants and hotels (0.40 per cent), alcoholic beverages, tobacco and kola (0.36 per cent), recreation and culture, and communication (0.22 per cent).”
In addition, the report said on a month-on-month basis, the headline inflation rate in September 2024 was 2.52 per cent, which was 0.30 per cent higher than the rate recorded in August 2024 at 2.22 per cent.
It said the percentage change in the average CPI for the 12 months ending September 2024 over the average CPI for the previous 12 months was 31.73 per cent.
The report added, “This indicates an 8.83 per cent increase compared to 22.90 per cent recorded in September 2023.”
The report indicated further that food inflation rate in September 2024 increased to 37.77 per cent on a year-on-year basis, which was 7.13 per cent higher compared to the rate recorded in September 2023 at 30.64 per cent.
It stated, “The rise in food inflation on a year-on-year basis is caused by increases in prices of guinea corn, rice, maize grains, beans, yam, water yam, and cassava tuber. Others are beer (Local and Foreign), Lipton, Milo, Bournvita, vegetable oil, palm oil, among others.”
It said on a month-on-month basis, the food inflation rate in September was 2.64 per cent, which was a 0.27 per cent increase compared to the rate recorded in August 2024 at 2.37 per cent.
“The increase in food inflation on a month-on-month basis was caused by an increase in the average prices of Beer (Local and Foreign), tobacco class, vegetable oil, groundnut oil, and palm oil.
The report added, “Others are beef, gizzard, dried beef, Lipton, Milo, Bournvita, milk, and egg, among others.”
The report said that “all items less farm produce and energy’’ or core inflation, which excludes the prices of volatile agricultural produce and energy, stood at 27.43 per cent in September on a year-on-year basis.
“This increased by 5.59 per cent compared to 21.84 per cent recorded in September 2023. The exclusion of the PMS is due to the deregulation of the commodity by removal of subsidy. ” it indicated
It stated that the highest increases were recorded in prices of rents, bus journey intercity, and journey by motorcycle, among others.
“Others are accommodation service, laboratory service, x-ray photog­raphy, consultation fee of a medical doctor, among others.”
The NBS said on a month-on-month basis, the core inflation rate was 2.10 per cent in September 2024. NAN