Nigeria’s inflation rate has surged to 32.70% in September 2024, up from 32.15% in August, according to Prince Adeyemi Adeniran, the Statistician-General of the Federation and CEO of the National Bureau of Statistics (NBS). This represents a monthly increase of 0.55% and a year-on-year rise of 5.98 percentage points from 26.72% in September 2023.
Is a statement released on Tuesday by the NBS stated that the continuous rise in inflation is alarming for consumers and policymakers, driven by significant price increases in several key areas. The NBS noted that prices for Food & Non-Alcoholic Beverages rose by 16.94%, Housing, Water, Electricity, Gas & Other Fuel by 5.47%, and Transport by 2.13%.
September’s month-on-month inflation rate reached 2.52%, a slight uptick from August’s 2.22%. The twelve-month average Consumer Price Index (CPI) also rose sharply, reaching 31.73%, up from 22.90% a year earlier.
Food inflation has been particularly severe, with the Food Sub-index increasing to 37.77% year-on-year, a jump of 7.13 percentage points from 30.64% in September 2023. Essential food items such as grains, tubers, and cooking oils have seen substantial price hikes, with month-on-month food inflation rising to 2.64% from 2.37% in August.
Core inflation, which excludes volatile food and energy prices, reached 27.43% year-on-year, a 5.59 percentage point increase from 21.84% in September 2023. Notable price increases were observed in housing rents, transportation, and medical expenses.
Urban consumers reported a year-on-year inflation rate of 35.13%, up 6.46 percentage points from 28.68% in the previous year, while rural areas faced a 30.49% inflation rate, a 5.55 percentage point rise.
Regionally, Bauchi experienced the highest inflation rate at 44.83%, followed by Sokoto (38.74%) and Jigawa (38.39%). In contrast, Delta, Benue, and Katsina reported the slowest inflation rates, below 27.71%. Sokoto also led in food inflation, with an alarming 50.47% increase year-on-year.
As Nigeria confronts these rising costs, the NBS underscores the urgent need for effective policies to address the root causes of inflation and alleviate the burden on consumers. The government is under increasing pressure to stabilize prices and ensure economic stability amid escalating living costs.
The Statistician-General highlighted the importance of continuous monitoring of inflation trends to inform policy decisions and mitigate their negative impact on citizens. With Nigeria’s economic challenges intensifying, the implications of this inflationary trend are expected to be a central focus for policymakers, businesses, and consumers in the months ahead.
