Nigeria’s Inflation Increases to 32.70%

James Emejo in Abuja

The Consumer Price Index (CPI) which measures the rate of change in prices of goods and commodities rose to 32.70 per cent in September compared to 32.15 per cent in the preceding month, the National Bureau of Statistics (NBS) said Tuesday.
According to the CPI figures for the period under review, year-on-year, headline inflation was 5.98 per cent compared to 26.72 per cent in September 2023.
The increase in inflation was attributed to the rise in the average price of some items in the basket of goods and services at the divisional level compared to what these items recorded in August 2024, the NBS stated.
Month-on-month, inflation stood at 2.52 per cent from 2.22 per cent in August.
Food inflation rate increased to 37.77 per cent year-on-year, compared with 30.64 per cent in September 2023.
On annualised basis, the rise in the food index was attributed to increases in prices of guinea corn, rice, maize grains, beans, etc (bread and cereals class), yam, water yam, cassava tuber, etc (potatoes, yam & other tubers class), beer, and tobacco class.
Others are lipton, milo, bournvita, etc (coffee, tea & cocoa class) and vegetable oil, palm oil etc (oil & fats class).
Month-on-month, food inflation increased to 2.64 per cent compared to 2.37 per cent in August.
Core inflation, which excludes the prices of volatile agricultural produces and energy increased to 27.43 per cent year on year in September compared to 21.84 per cent in September 2023.
The rise in the core index was attributed to highest increases in prices of rents (actual and imputed rentals for housing, bus journey intercity, journey by motorcycle, etc, and accommodation service, laboratory service, x-ray photography, consultation fee of a medical doctor, among others.
On a month-on-month basis, core Inflation stood at 2.10 per cent compared to 2.27 per cent in August.

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