Nigeria’s inflation rate rises to 32.70%

The National Bureau of Statistics (NBS) has published that the Headline inflation rate in September 2024 was 32.70% relative to the August 2024 headline inflation rate of 32.15%.

Looking at the movement, the September 2024 Headline inflation rate showed an increase of 0.55% compared to the August 2024 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%).

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.

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