Nigeria’s inflation rate increases to 32.70% in September

The National Bureau of Statistics (NBS) says Nigeria’s headline inflation rate increased to 32.70 percent in September 2024.

The Statistician-General of the Federation, Adeyemi Adeniran, revealed this in a statement issued on the Consumer Price Index (CPI) and Inflation Report for September 2024 in Abuja on Tuesday.

According to the report, the figure is 0.55 percent points higher compared to the 32.15 percent recorded in August 2024.

It said on a year-on-year basis, the headline inflation rate in September 2024 was 5.98 percent higher than the rate recorded in September 2023 at 26.72 percent.

The report said the increase in the headline index for September 2024 on a year-on-year basis was attributed to the increase in some items in the basket of goods and services at the divisional level.

It said these increases were observed in food and non-alcoholic beverages (16.94 percent), housing, water, electricity, gas, and other fuel (5.47 percent), clothing and footwear (2.50 percent), and transport (2.13 percent).

“Others were furnishings, household equipment and maintenance (1.64 percent), education (1.29 percent), health (0.98 percent), and miscellaneous goods and services (0.54 percent).

“Others include restaurants and hotels (0.40 percent), alcoholic beverages, tobacco and kola (0.36 percent), recreation and culture, and communication (0.22 percent).”

In addition, the report said on a month-on-month basis, the headline inflation rate in September 2024 was 2.52 percent, which was 0.30 percent higher than the rate recorded in August 2024 at 2.22 percent.

It said the percentage change in the average CPI for the 12 months ending September 2024 over the average CPI for the previous 12 months was 31.73 percent.

“This indicates an 8.83 percent increase compared to 22.90 percent recorded in September 2023.”

The report said the food inflation rate in September 2024 increased to 37.77 percent on a year-on-year basis, which was 7.13 percent higher compared to the rate recorded in September 2023 at 30.64 percent.

“The rise in food inflation on a year-on-year basis is caused by increases in prices of guinea corn, rice, maize grains, beans, yam, water yam, and cassava tuber.

“Others are beer (local and foreign), Lipton, Milo, Bournvita, vegetable oil, and palm oil, among others.”

It said on a month-on-month basis, the food inflation rate in September was 2.64 percent, which was a 0.27 percent increase compared to the rate recorded in August 2024 at 2.37 percent.

“The increase in food inflation on a month-on-month basis was caused by an increase in the average prices of beer (local and foreign), tobacco, vegetable oil, groundnut oil, and palm oil.

“Others are beef, gizzard, dried beef, Lipton, Milo, Bournvita, milk, and egg, among others.”

The report said that “all items less farm produce and energy’’ or core inflation, which excludes the prices of volatile agricultural produce and energy, stood at 27.43 percent in September on a year-on-year basis.

“This increased by 5.59 percent compared to 21.84 percent recorded in September 2023.

“The exclusion of the PMS is due to the deregulation of the commodity by removal of subsidy.”

It said the highest increases were recorded in prices of rents, bus Journey intercity, and Journey by motorcycle, among others.

“Others are accommodation service, laboratory service, x-ray photography, consultation fee of a medical doctor, among others.”

The NBS said on a month-on-month basis, the core inflation rate was 2.10 percent in September 2024.

“This indicates a 0.17 percent decrease compared to what was recorded in August 2024 at 2.27 percent.

“The average 12-month annual inflation rate was 25.64 percent for the 12 months ending September 2024; this was 6.09 percent points higher than the 19.55 percent recorded in September 2023.”

The report said on a year-on-year basis in September 2024, the urban inflation rate was 35.13 percent, which was 6.46 percent higher compared to the 28.68 percent recorded in September 2023.

“On a month-on-month basis, the urban inflation rate was 2.67 percent, which increased by 0.28 percent compared to August 2024 at 2.39 percent.’’

The report said on a year-on-year basis in September, the rural inflation rate was 30.49 percent, which was 5.55 percent higher compared to the 24.94 percent recorded in September 2023.

“On a month-on-month basis, the rural inflation rate was 2.39 percent, which increased by 0.33 percent compared to August 2024 at 2.06 percent.’’

On states’ profile analysis, the report showed that in September, all items’ inflation rate on a year-on-year basis was highest in Bauchi at 44.83 percent, followed by Sokoto at 38.74 percent, and Jigawa at 38.39 percent.

It, however, said the slowest rise in headline inflation on a year-on-year basis was recorded in Delta at 26.35 percent, followed by Benue at 26.90 percent, and Katsina at 27.71 percent.

The report, however, said in September 2024, all items inflation rate on a month-on-month basis was highest in Sokoto at 4.63 percent, followed by Taraba at 4.07 percent, and Anambra at 3.74 percent.

“Kwara at 1.14 percent, followed by Cross River at 1.78 percent, and Lagos at 1.82 percent recorded the slowest rise in month-on-month inflation.”

The report said on a year-on-year basis, food inflation was highest in Sokoto at 50.47 percent, followed by Gombe at 44.09 percent, and Yobe at 43.51 percent.

“Kwara at 32.45 percent, followed by Rivers at 32.80 percent, and Kogi at 32.83 percent recorded the slowest rise in food inflation on a year-on-year basis.’’

The report, however, said on a month-on-month basis, food inflation was highest in Sokoto at 5.94 percent, followed by Taraba at 5.76 percent, and Bayelsa at 4.44 percent.

“Kwara at 0.88 percent, followed by Cross River at 1.29 percent, and Kogi at 1.45 percent, recorded the slowest rise in inflation on a month-on-month basis.”