Nigeria's Inflation Spikes: 32.7% Rate Ends Decline

Nigeria's Inflation Jumps to 32.7%

“This shows that the Headline inflation rate (year-on year basis) increased in September 2024 when...”

The consumer price index (CPI) rose 0.55% month-on-month in September, reversing the downward trend seen in July and August, according to the NBS.

The National Bureau of Statistics (NBS) released its latest report, revealing a significant surge in the consumer price index (CPI) to 32.7% in September 2024. This uptick marks the first increase in inflation after three consecutive months of decline.

Following a brief respite in July and August, inflation has rebounded, according to the NBS CPI report for September, published Tuesday. The report highlights a 0.55% month-on-month increase in the CPI compared to August's headline inflation rate.

“On a year-on-year basis, the Headline inflation rate was 5.98 percent points higher compared to the rate recorded in September 2023 (26.72 percent),” the report reads.

“This shows that the Headline inflation rate (year-on year basis) increased in September 2024 when compared to the same month in the preceding year (i.e., September 2023).

“Furthermore, on a month-on-month basis, the Headline inflation rate in September 2024 was 2.52 percent, which was 0.30 percent higher than the rate recorded in August 2024 (2.22 percent).

“This means that in September 2024, the rate of increase in the average price level is higher than the rate of increase in the average price level in August 2024.”