Nigeria's headline inflation rate surged to 32.70% in September 2024, according to the latest Consumer Price Index report from the National Bureau of Statistics. This marks a significant 0.55 percentage point increase from the 32.15% rate recorded in August 2024.
The spike in inflation comes after two consecutive months of decline in July and August. Yearonyear, the inflation rate has skyrocketed by 5.98 percentage points compared to the 26.72% seen in September 2023.
Furthermore, the monthovermonth headline inflation rate accelerated to 2.52% in September 2024 a 0.30 percentage point jump from the 2.22% rate in August. This indicates that the pace of increase in average prices quickened last month.
Food prices remain a key driver of the high inflation, with the food inflation rate climbing to 37.77% in September 2024 a substantial 7.13 percentage point surge from the 30.64% recorded a year earlier. This was largely due to rising prices of staple foods like rice, maize, beans, and yams. The monthonmonth food inflation rate also increased, from 2.37% in August to 2.64% in September.

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