BREAKING: Nigeria’s inflation rate increases to 32.70% in September, says NBS

The National Bureau of Statistics (NBS) on Tuesday disclosed that the Nigeria’s inflation rate in September 2024 stood at 32.70per cent relative to the 32.15 per cent in August 2024.

The  Consumer Price Index (CPI) report by NBS stated that the September 2024 headline inflation rate showed an increase of 0.55per cent compared to the August 2024 inflation rate.

According to the report, on a year-on-year basis, the inflation rate was 5.98percentage points higher compared to the rate recorded in September 2023 (26.72per cent).

“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 2.52per cent, which was 0.30per cent higher than the rate recorded in August 2024 (2.22per cent).

“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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