Nigeria’s inflation rate increased in September for the first time in three months, climbing to 32.70% year-on-year from 32.15% in August, according to data released by the National Bureau of Statistics (NBS) on Tuesday.
The NBS reported that in September 2024, the headline inflation rate was 32.70% compared to the August 2024 rate of 32.15%, reflecting an increase of 0.55%.
On a year-on-year basis, the rate was 5.98 percentage points higher than the 26.72% recorded in September 2023.
The month-on-month inflation rate also rose to 2.52%, up from 2.22% in August 2024.
The food inflation rate for September 2024 reached 37.77%, marking a 7.13 percentage point increase from the previous year’s rate of 30.64%. Key contributors to this rise included prices for guinea corn, rice, maize, beans, yams, cassava, beer, and various oils.
On a month-on-month basis, food inflation rose by 2.64% in…
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