The National Bureau of Statistics (NBS) has released its Consumer Price Index and Inflation report for September 2024, revealing a 0.55% increase in headline inflation from August’s 32.15%.
This surge is largely attributed to the recent hike in petrol prices.
*Key Highlights:*
– _Headline Inflation Rate:_ 32.70% in September 2024, up from 32.15% in August 2024
– _Year-on-Year Basis:_ 5.98 percentage points higher than September 2023’s 26.72%
– _Month-on-Month Basis:_ 2.52% in September 2024, 0.30% higher than August 2024’s 2.22%
– _Food Inflation:_ 37.77% in September, up from 37.52% in August 2024
According to the NBS report, “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 increase in petrol prices by the Nigerian National Petroleum Company Limited (NNPCL) to N897 per liter has had a ripple effect on transportation fares and prices of goods and services nationwide.
This inflation spike comes after declines in July and August 2024. In response, the Central Bank of Nigeria raised the interest rate by 50 basis points to 27.25% in its September 297th Monetary Policy Meeting to combat inflation.
As Nigeria struggles to curb inflation, experts predict a challenging economic landscape ahead. The country’s economic growth and development remain heavily influenced by inflation rates.
