Nigeria’s headline inflation rate skyrocketed to 32.70% in September 2024, reversing a brief decline.
According to the National Bureau of Statistics’ Consumer Price Index report, this marks a 0.55 percentage point increase from August’s 32.15%. Year-on-year, inflation climbed 5.98 percentage points from September 2023’s 26.72%.
The National Bureau of Statistics reported, “September 2024’s headline inflation rate rose 0.55% from August 2024.” Month-on-month inflation increased to 2.52%, up 0.30% from August 2024.
Food prices primarily drive inflation, with the food inflation rate jumping to 37.77% in September 2024. Essential staples like rice, maize, beans, and yams saw significant price hikes.
The consistent climb in food prices pressures household budgets and raises food security concerns for millions of Nigerians.