Worry As Nigeria’s Inflation Rises To 32.7%

Nigeria’s inflation rate rose to 32.7 percent in September, reversing a two-month consecutive decline to 32.15% in August.

The reversal was driven by a surge in the month-on-month Food Inflation to 2.64% from 2.37%.

The National Bureau of Statistics, NBS, disclosed this in its Consumer Price Index, CPI Report for September.

The Bureau said: “In September 2024, the Headline inflation rate was 32.70% relative to the August 2024 headline inflation rate of 32.15%.

Looking at the movement, the September 2024 Headline inflation rate showed an increase of 0.55% compared to the August 2024 Headline inflation rate.

“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%).