Nigeria’s inflation up in Sept ’24

Nigeria’s inflation rate rose to 32.70 per cent in September 2024, slightly up from 32.15 per cent in August, showing a monthly increase of 0.55 per cent. This highlights the country’s continuing economic pressures, with prices steadily rising from one month to the next.

Compared to the same time last year, the inflation rate in September 2024 was 5.98 per cent higher than the 26.72 per cent recorded in September 2023. This year-on-year (YoY) increase underscores how much inflation has worsened over the past year.

In addition, on a month to month basis, the rate at which prices rose in September was 2.52 per cent, slightly higher than the 2.22 per cent rate seen in August. This means prices in September increased faster than they did the previous month, adding to the financial strain on households across Nigeria.

Attribution: Consumer Price Index SEPTEMBER 2024

Subediting: M. S. Salama