Nigeria’s Inflation Breaks Its Three-Month Pause in September
Nigeria’s inflation rate increased to 32.70% in September, marking the first rise in three months and breaking a streak of two consecutive declines. This uptick indicates renewed economic pressures, primarily fueled by rising food and energy prices.
Key Highlights
Inflation September 2024 August 2024 September 2023 Headline Inflation 32.70% 32.15% 26.72% Food Inflation 37.77% 37.52% 30.64% Core Inflation 27.43% 27.58% 21.84%
Headline CPI (YoY): In August, the Headline CPI (Year-over-Year) recorded  32.70% in September from 32.15% in August, reflecting an increase of 0.55%. On a year-on-year basis, it increased by 5.98% from 26.72% in September 2023.
Headline CPI (MoM):Â On a month-to-month basis, the inflation rate in September 2024 was 2.52%, which is 0.30% higher than the 2.22% recorded in August 2024.
Food Inflation (YoY):Â Food inflation, a significant driver of overall inflation, declined/increased to 37.77% in September, up from 37.52% in August.
Food Inflation (MoM):Â On a month-on-month, food Inflation rate was 2.64% in September 2024, reflecting a 0.27% increase from the 2.37% recorded in August 2024.
Core CPI (YoY):Â Core inflation, which excludes volatile agricultural produce and energy prices, stood at 27.43% in September, up from 27.58% in August 2024.
Core CPI (MoM):Â Month-on-month, the Core Inflation rate rose to 2.10% in September 2024 from 2.27% in August 2024, marking a 0.17% decrease.
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