Nigeria’s inflation rate in September peaks at 32.70% --[Reported by Umva mag]

The National Bureau of Statistics (NBS) has announced that Nigeria’s inflation rate for September 2024 increased to 32.70% relative to the August 2024 headline inflation rate of 32.15%.

The monthly report of the Consumer Price Index (CPI) released on Tuesday in Abuja by the NBS showed that the September 2024 Headline inflation rate increase by 0.55% compared to the August 2024 Headline inflation rate.

It added that on a year-on-year basis, the Headline inflation rate was 5.98% points higher compared to the rate recorded in September 2023 (26.72%).

According to the report, 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%, which was 0.30% higher than the rate recorded in August 2024 (2.22%). 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,” it said.

According to the report, the contributions of items on the Divisional level to the increase in the Headline index included Food & Non-Alcoholic Beverages 16.94 Housing, Water, Electricity, Gas & other Fuel.

The percentage change in the average CPI for the twelve months ending September 2024 over the average of the previous twelve months period was 31.73%, showing 8.83% increase compared to 22.90% recorded in September 2023.

On Urban inflation, the inflation rate in September was 35.13%, this was 6.46% points higher compared to the 28.68% recorded in September 2023, while Rural Inflation in September 2024 was 30.49% on a year-on-year basis. This was 5.55% higher compared to the 24.94% recorded in September 2023.

GIK/APA

The following news has been carefully analyzed, curated, and compiled by Umva Mag from a diverse range of people, sources, and reputable platforms. Our editorial team strives to ensure the accuracy and reliability of the information we provide. By combining insights from multiple perspectives, we aim to offer a well-rounded and comprehensive understanding of the events and stories that shape our world. Umva Mag values transparency, accountability, and journalistic integrity, ensuring that each piece of content is delivered with the utmost professionalism.