Nigeria battles Inflation spike as charges hit 32.70% in September

Nigeria’s inflation fee has risen to 32.70% for the month of September, based on a report launched by the Nationwide Bureau of Statistics (NBS) on Monday.

The NBS reported that the headline inflation fee for September 2024 was 32.70%, in comparison with 32.15% recorded in August 2024.

“Trying on the motion, the September 2024 headline inflation fee confirmed a rise of 0.55% in comparison with the August 2024 headline inflation fee,” the Bureau famous.

“On a year-on-year foundation, the headline inflation fee was 5.98 proportion factors greater than the speed recorded in September 2023 (26.72%).

“This exhibits that the headline inflation fee (year-on-year foundation) elevated in September 2024 when in comparison with the identical month within the previous yr (i.e., September 2023),” the NBS said.

Moreover, the NBS reported that on a month-on-month foundation, the headline inflation fee for September 2024 was 2.52%, 0.30% greater than the two.22% recorded in August 2024.

“Which means that in September 2024, the speed of improve within the common worth degree was greater than the speed of improve within the common worth degree in August 2024,” it added.

The rise in costs of products and providers was on account of the hike within the worth of Premium Motor Spirit (PMS) early September and later in October.