Nigerias headline inflation rose to 32.70 percent in September 2024, according to the National Bureau of Statistics, (NBS).
The development is contained in NBS’s ‘Consumer Price Index and Inflation report for September 2024.
According to the report, the September 2024 headline inflation rate saw an increase of 0.55%, when compared to the August 2024 headline inflation rate. The rise in the inflation rate from 32.15% recorded in August is coming amid the hike in the pump price of petrol which has further aggravated the cost of living crisis.
Similarly, food inflation rose to 37.77 percent in September from 37.52 in August, 2024, the report stated..
The latest rise in inflation figure is coming amid the increase in the price of petrol on September 3rd and 16th by the Nigerian National Petroleum Company Limited, (NNPCL). Recall that NNPCL increased fuel price to N897 per litre in September 2024, from N600 per litre.
The increase in the price of petrol has a ripple-effect on the economy, as the already crippling cost of living crisis worsens owing to direct impact on transportation fares and by extension the prices of goods and services across the country.
The September spike in headline inflation comes after the country recorded a decline in July and August 2024. Recall that the Central Bank of Nigeria, (CBN), in its September 29th Monetary Policy Committee (MPC) meeting, raised the countrys interest rate by 50 basis points to 27.25%, in a move to tackle inflation.
