Due to an increase in the price of petrol at the pump, Nigeria’s headline inflation rate rose from 32.15 percent in August 2024 to 32.70 percent in September 2024.
This was revealed on Tuesday by the National Bureau of Statistics (NBS) in its September 2024 Consumer Price Index and Inflation report.
Observing the movement, the headline inflation rate for September 2024 increased by 0.55 percent as compared to the headline inflation rate for August 2024.
UPDATE: Nigeria’s Inflation Jumps To 24.08% In July — NBS
In September 2023, the headline inflation rate was 5.98 percentage points higher than the rate of 26.72 percent on a year-over-year basis.
This showed that, in comparison to the same month the previous year (September 2023), the headline inflation rate increased in September 2024 (year over year).
In addition, the headline inflation rate for September 2024 was 2.52 percent on a month-over-month basis, 0.30 percent higher than the figure for August 2024 (2.22 percent).
“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,” the report stated.
In a similar vein, food inflation increased from 37.52 percent in August 2024 to 37.77 percent in September.
Inflation In Nigeria Rising In Line With Global Trend, Emefiele
This follows the September 3rd and September 16th petrol price increases by the Nigerian National Petroleum Company Limited (NNPCL).
Recall that in September 2024, NNPCL raised the price of petroleum from N600 per litre to N897 per litre.
According to Anaedoonline.ng, the cost of gas increases directly affect transportation rates, which in turn affects the cost of goods and services all over the nation.
Following a drop in the nation’s headline inflation rate in July and August of 2024, headline inflation spiked in September.
Following a drop in the nation’s headline inflation rate in July and August of 2024, headline inflation spiked in September.
Nigeria’s Inflation Rate Rises to 26.72% in September
In an effort to combat inflation, the Central Bank of Nigeria increased the interest rate in the nation by 50 basis points to 27.25 percent during its 297th Monetary Policy Meeting in September.
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