Nigeria’s inflation Rose By 0.55% In September 2024

The National Bureau of Statistics (NBS). On Tuesday said inflation rate rise to 2 32.70 per cent in September 2024.

The Statistician-General of the Federation, Adeyemi Adeniran in a statement issued on the Consumer Price Index (CPI) and Inflation Report for September 2024 in Abuja, showed that the figure is 0.55 per cent points higher compared to the 32.15 per cent recorded in August 2024.

While on a year-on-year basis, the headline inflation rate in September 2024 was 5.98 per cent higher than the rate recorded in September 2023 at 26.72 per cent.

The increase 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 per cent), housing, water, electricity, gas, and other fuel (5.47 per cent), clothing and footwear (2.50 per cent), and transport (2.13 per cent).

On month-on-month basis, the food inflation rate in September stood at 2.64 per cent, which was a 0.27 per cent increase compared to the rate recorded in August 2024 at 2.37 per cent.

“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 class, vegetable oil, groundnut oil, and palm oil.

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

The report said t mm“all items less farm produce and energy’’ or core inflation, which excludes the prices of volatile agricultural produce and energy, stood at 27.43 per cent in September on a year-on-year basis.

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

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

The “All items less farm produces and energy” or Core inflation, which excludes the prices of volatile agricultural produces and energy stood at 27.43% in September 2024 on a year-on year basis; up by 5.59% when compared to the 21.84% recorded in September 2023.

The highest increases were recorded in prices of the following items: Rents (Actual and Imputed Rentals for Housing Class), Bus Journey intercity, Taxi Journey per drop, etc (under Passenger Transport by Road Class), Meal at a local Restaurant (Accommodation Service Class), Laboratory service, Consultation Fee of a medical doctor, etc (under Medical Services Class).

On a month-on-month basis, the Core Inflation rate was 2.10% in September 2024. It stood at 2.27% in August 2024, down by 0.17%. The average twelve-month annual inflation rate was 25.64% for the twelve months ending September 2024, this was 6.09% points higher rhan the 19.55% recorded in September 2023

On states’ profile analysis, the report showed 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 on Year-on-Year basis.

While 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 on Month-on-Month inflation.
Food 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 on Year-on-Year basis.

On a Month-on-Month basis, however, 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 Month-on-Month basis.