- Nigeria's inflation levels improved in July and August, but are now back on the decline.
- The headline inflation rate for September 2024 increased to 32.70% from 32.15% in August 2024.
- Analysts had previously suggested that inflation in Nigeria may have peaked due to currency devaluation effects.
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Nigeria, which has been dealing with the worst inflation levels of 2024 caught a breather in July and then August when its consistently alarming inflation spike subsided. However, the most recent data indicates that the nation's economy appears to be back on the decline. The country's headline inflation rose again in September.
The latest report by the country’s National Bureau of Statistics revealed that compared to the headline inflation rate of 32.15% in August 2024, the current headline inflation rate stands at 32.70%.
The headline inflation rate for September 2024 increased by 0.55% compared to the month prior.
Back in July, Nigeria's headline inflation rate for the first time in over a year, easing to 33.40% annually from 34.19% in June.
Then analysts suggested that inflation in Africa's populous country may have peaked as the currency devaluation effects are expected to start fading. The last time annual inflation declined was in December 2022.
In August also, headline inflation also declined marginally, dropping to 32.15% year-on-year from 33.40% in July.
The headline inflation rate in August 2024 fell 1.25 percentage points from the rate in July 2024.
However, the current report by the NBS indicates that The current headline inflation rate is 5.98% points higher year over year than the rate of 26.72% in 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,” the report reads.
Food Inflation for September
The current food inflation is 37.77% year on year, 7.13% higher than the same month last year at (30.64%).
Food inflation increased year on year due to price increases in the following items: 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).
On a monthly basis, the food inflation rate in September 2024 was 2.64%, up 0.27% from the rate in August 2024 (2.37%).
Additionally, food inflation for the period under review increased by 11.88% points from the average annual rate of change recorded in September 2023 (25.65%) to an average annual rate of 37.53% for the twelve months ending in September 2024 compared to the preceding twelve-month average.
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