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Nigeria’s headline inflation rate quickened to 32.7 per cent in September 2024, up by 0.55 per cent from 32.15 per cent in August, owing to the depreciation of the naira and the increase in fuel prices since early September.
The September figure marked the first increase in three months, stoked as usual by food inflation which rose to 37.8 per cent and accounted for the bulk of Nigeria’s inflation basket in September, up from 37.5 per cent in the previous month.
On a yearly basis, the Headline inflation rate was 5.98 per cent points, higher than 26.72 per cent recorded in September 2023 26.72 , showing that the Headline inflation rate increased in September 2024 when compared to the same month in the preceding year (i.e., September 2023).
Furthermore, on a month-on-month basis, the Headline inflation rate in September 2024 was 2.52 per cent, 0.30 per cent higher than the 2.22 per cent rate recorded in August 2024. 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.
The percentage change in the average CPI for the twelve months ending September 2024 over the average of the previous twelve months period was 31.73 per cent, showing an 8.83 per cent increase compared to 22.90 per cent recorded in September 2023.
On a year-on-year basis, in September 2024, the Urban inflation rate was 35.13 per cent, which was 6.46 per cent points higher compared to the 28.68 per cent recorded in September 2023. On a month-on-month basis, the Urban inflation rate was 2.67 per cent per cent in September 2024, this was 0.28 per cent points higher compared to August 2024 (2.39 per cent).
The corresponding twelve-month average for the Urban inflation rate was 33.95 per cent in September 2024. This was 9.84 per cent points higher compared to the 24.10 per cent reported in September 2023.
The Rural inflation rate in September 2024 was 30.49 per cent every year This was 5.55 per cent higher compared to the 24.94 per cent recorded in September 2023. Every month, the rural inflation rate in September 2024 was 2.39 per cent, up by 0.33 per cent points compared to August 2024 (2.06 per cent). The corresponding twelve-month average for the Rural inflation rate in September 2024 was 29.76 per cent. This was 7.97 per cent higher than the 21.79 per cent recorded in September 2023.
The Food inflation rate in September 2024 was 37.77 per cent yearly, 7.13 per cent points higher than the rate recorded in September 2023 (30.64 per cent), owing to the rise 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 (Local and Foreign) (Tobacco Class), Lipton, Milo, Bournvita, etc (Coffee, Tea & Cocoa Class) and Vegetable Oil, Palm Oil, etc (Oil & Fats Class).
Monthly, the Food inflation rate in September 2024 was 2.64 per cent, showing a 0.27 per cent increase compared to the rate recorded in August 2024 (2.37 per cent) and caused by the rise in the average prices of Beer (Local and Foreign) (Tobacco Class), Vegetable Oil, Groundnut Oil, Palm Oil, etc (Oil & Fats Class), Beef, Gizzard, Dried Beef, etc (Meat Class), Lipton, Milo, Bournvita, etc (Coffee, Tea & Cocoa Class) and Milk, Egg etc (Milk, cheese and Eggs Class).
In September 2024, All Items inflation rate on a Year-on-Year basis was highest in Bauchi (44.83%), Sokoto (38.74%), and Jigawa (38.39%), while Delta (26.35%), Benue (26.90%) and Katsina (27.71%) recorded the slowest rise in Headline inflation yearly. On a Month-on-Month basis, however, September 2024 recorded the highest increases in Sokoto (4.63%), Taraba (4.07%), Anambra (3.74%), while Kwara (1.14%), Cross River (1.78%) and Lagos (1.82%) recorded the slowest rise in Month-on-Month inflation.
In September 2024, Food inflation on a Year-on-Year basis was highest in Sokoto (50.47%), Gombe (44.09%), and Yobe (43.51%) while Kwara (32.45%), Rivers (32.80%), and Kogi (32.83%), recorded the slowest rise in Food inflation yearly.
Monthly, however, in September 2024 Food inflation was highest in Sokoto (5.94%), Taraba (5.76%), and Bayelsa (4.44%), while Kwara (0.88%), Cross River (1.29%) and Kogi (1.45%) recorded the slowest rise in Food inflation on a Month-on-Month basis.
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