Nigeria’s inflation rate climbs up to 32.7%–NBS

The National Bureau of Statistics (NBS) has said that Nigeria’s inflation rate has climbed up to 32.7 per cent in September 2024.

The NBS made the disclosure in its Consumer Price Index (CPI) report for September which was released on Tuesday, October 15, 2024.

The Bureau stated that the CPI increased by 0.55 per cent (month-on month) compared to the August headline inflation rate.

The NBS said: “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%)

“This shows that the Headline inflation rate (year-on year basis) increased in September 2024 when compared to the same month in the preceding year (September 2023).

“Furthermore, on a month-on-month basis, the Headline inflation rate in September 2024 was 2.52%, which was 0.30% higher than the rate recorded in August 2024 (2.22%).

“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.”