NIGERIA'S INFLATION RATE RISES TO 32.70% IN SEPTEMBER DUE TO PETROL PRICE HIKES
In September 2024, Nigeria's inflation rate climbed to 32.70%, up from 32.15% in August, reflecting a 0.55% month-on-month increase, according to the National Bureau of Statistics (NBS). This surge in inflation is largely attributed to rising transportation and food costs, spurred by petrol price increases initiated by the Nigerian National Petroleum Corporation Limited (NNPCL) in early September.
Key Highlights:
Year-on-Year Inflation: The inflation rate for September 2024 was 5.98 percentage points higher than the 26.72% recorded in September 2023, marking a significant inflationary trend over the year.
Food Inflation: The food inflation rate increased to 37.77% year-on-year in September 2024, driven by higher prices in key items like vegetable oil, palm oil, beef, and consumer goods such as Milo and Bournvita.
Core Inflation: Core inflation, excluding volatile agricultural and energy prices, rose to 27.43%, with notable price increases in rent, transportation, and dining services.
Urban and Rural Inflation: Urban inflation reached 2.67% in September, while rural inflation stood at 2.39%, both showing month-on-month increases.
This inflationary pressure reflects the growing economic strain due to fuel price hikes, which have a cascading effect on transportation and food costs, affecting overall living expenses for Nigerians.
In September 2024, Nigeria's inflation rate climbed to 32.70%, up from 32.15% in August, reflecting a 0.55% month-on-month increase, according to the National Bureau of Statistics (NBS). This surge in inflation is largely attributed to rising transportation and food costs, spurred by petrol price increases initiated by the Nigerian National Petroleum Corporation Limited (NNPCL) in early September.
Key Highlights:
Year-on-Year Inflation: The inflation rate for September 2024 was 5.98 percentage points higher than the 26.72% recorded in September 2023, marking a significant inflationary trend over the year.
Food Inflation: The food inflation rate increased to 37.77% year-on-year in September 2024, driven by higher prices in key items like vegetable oil, palm oil, beef, and consumer goods such as Milo and Bournvita.
Core Inflation: Core inflation, excluding volatile agricultural and energy prices, rose to 27.43%, with notable price increases in rent, transportation, and dining services.
Urban and Rural Inflation: Urban inflation reached 2.67% in September, while rural inflation stood at 2.39%, both showing month-on-month increases.
This inflationary pressure reflects the growing economic strain due to fuel price hikes, which have a cascading effect on transportation and food costs, affecting overall living expenses for Nigerians.