After declining steadily in July and August, Nigeria’s headline inflation rate increased to 32.70 percent in September 2024.
This was in accordance with the National Bureau of Statistics’ most recent Consumer Price Index data.
In September 2024, the World Bank predicted that Nigeria’s inflation rates would continue to grow, primarily due to a notable increase in the cost of petrol.
The latest inflation figure is a marginal increase of 0.55 per cent from the August 2024 figure of 32.15 per cent, reflecting ongoing price pressures across the country.
Year-on-year, inflation has surged by 5.98 percentage points compared to the 26.72 per cent recorded in September 2023.
According to the report, the headline inflation rate in September 2024 was 32.70 percent, compared to 32.15 percent in August 2024. Examining the change, the headline inflation rate for September 2024 increased by 0.55% above the headline inflation rate for August 2024.
