Inflation hits 32.70% in September – NBS

National Bureau of Statistics (NBS) has said Nigeria’s inflation rate has risen to 32.70% for the month of September.

The NBS reported that the headline inflation rate for September 2024 was 32.70%, compared to 32.15% recorded in August 2024.

“Looking at the movement, the September 2024 headline inflation rate showed an increase of 0.55% compared to the August 2024 headline inflation rate,” the Bureau noted.

“On a year-on-year basis, the headline inflation rate was 5.98 percentage points higher than 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),” the NBS stated.

Additionally, the NBS reported that on a month-on-month basis, the headline inflation rate for September 2024 was 2.52%, 0.30% higher than the 2.22% recorded in August 2024.

“This means that in September 2024, the rate of increase in the average price level was higher than the rate of increase in the average price level in August 2024,” it added.

The rise in prices of goods and services was as a result of the hike in the price of Premium Motor Spirit (PMS) early September and later in October.