Nigeria’s inflation rate surged to 32.70% in September 2024, up from 32.15% in August, reflecting a month-on-month increase of 0.55%. This spike is primarily driven by rising transportation costs and food prices, following significant petrol price hikes implemented by NNPCL in early September.
Year-on-year, the inflation rate shows a stark rise of 5.98 percentage points compared to 26.72% in September 2023, highlighting a substantial increase in consumer prices over the past year.
Additionally, the month-on-month inflation rate for September reached 2.52%, which is 0.30% higher than August’s 2.22%, indicating a quicker escalation in average price levels this September.
