The National Bureau of Statistics, NBS, disclosed this on Tuesday, disclosed that Nigeria’s headline inflation increased to 32.70 per cent in September from 32.15 recorded in August 2024.
It stated that Nigeria recorded an increase in the inflationary trend amidst hike in the pump price of petrol.
This was contained in the NBS Consumer Price Index and Inflation report for September 2024.
Look at the trend, showed that the September 2024 headline inflation rate, increased by 0.55 percent. This when compared to the August 2024 headline inflation rate.
On a year-on-year basis, the headline inflation rate was 5.98 percentage points higher. This is when compared to the rate recorded in September 2023 (26.72 percent).
Showing an indication that the headline inflation rate (year-on-year basis) increased in September 2024. When compared to the same month in the preceding year (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,” the report stated.
Similarly, food inflation rose to 37, 77 per cent in September from 37.52 in August, 2024.
This is on the back of the increase in the price of petrol on September 3rd and 16th by the Nigerian National Petroleum Company Limited, NNPCL.
Recall that NNPCL increased fuel price to N897 per liter in September 2024 from N600 per liter.
IVNTV NEWS reports that the increase in the price of petrol has a direct impact on transportation fares. And by extension, the prices of goods and services across the country.
The September spike in headline inflation comes after the country recorded a decline in July and August 2024.
The Central Bank of Nigeria, CBN, had in its September 297th Monetary Policy Meeting raised the country’s interest rate by 50 basis points to 27, 25 per cent in a an effort to tackle inflation.
source: Daily Post
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