Nigeria’s inflation rate rises to 32.7% — first increase in three months

The National Bureau of Statistics (NBS) says the consumer price index (CPI), which measures the rate of change in prices of goods and services, rose to 32.7 percent in September.

This is the first increase in three months after the country’s inflation rate declined twice (August and July) in 2024.

The latest inflation data is contained in the NBS CPI report for September, released on Tuesday.

The NBS said the CPI increased by 0.55 percent (month-on month) compared to the August headline inflation rate.

“On a year-on-year basis, the Headline inflation rate was 5.98% points higher compared to the rate recorded in September 2023 (26.72%),” the report reads.

“This shows that the Headline inflation rate (year-on year basis) 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%, 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.”