Nigeria’s inflation rate has gone up again, reaching 32.70% in September 2024. This is a 0.55% increase from the 32.15% recorded in August 2024, according to new data from the National Bureau of Statistics.
Food inflation also saw a significant rise, hitting 37.77% in September 2024, which is 7.13% higher than the 30.64% recorded in September 2023. The NBS explained that this increase is due to rising prices of basic food items like guinea corn, rice, maize, beans, bread, and yam tubers.
The bureau said, “The rise in food inflation can be attributed to increases in prices of essential food commodities, particularly grains and tubers.”
The report also mentioned that recent government policies, such as the removal of fuel subsidies and the floating of the naira, have contributed to the rising cost of living. Currently, petrol prices range from N1,030 to N1,300 per litre, which has put additional pressure on household expenses.
Urban areas are facing even higher inflation. The urban inflation rate for September 2024 was 35.13%, up by 6.46% compared to September 2023. On a month-to-month basis, urban inflation rose by 2.67%, which is a 0.28% increase from August 2024.
Rural areas also saw a rise in inflation, with a 30.49% year-on-year increase. On a month-to-month basis, rural inflation stood at 2.39% in September 2024, a 0.33% increase compared to the previous month.
