After dropping marginally from 33.40% in July to 33.4% in August, Nigeria’s inflation moved 55 basis points north once more, closing at 32.7% year-on-year last month, according to the latest data released on Tuesday by the country’s National Bureau of Statistics (NBS).
Month-on-month, headline inflation also rose by 30bps to 2.52%, from 2.22% in August, with the food inflation remaining as culprit at 37.77%, representing a 25bps rise from 37.52% printed in August.
The rise in food inflation was caused by increases in prices of staples such as guinea corn, rice, maize grains, beans, yam, water yam, and cassava tuber, as well as beer (local and foreign), food beverages- (coffee, tea and cocoa class) and vegetable oil, and palm oil, among others.
Core inflation (all items less farm produce and energy), however moderated by 15bps to 27.43% y/y, compared to 27.58% in August.
Despite the slowdown, the core basket remains elevated in line with notable prices increases recorded across items such as rents (actual and imputed rentals for housing class), intercity transport, laboratory service, consultation fee of a medical doctor.
Likewise, the core index eased by 17bps to 2.10% m/m in September 2024 compared to the previous month (2.27% m/m).
In September 2024, Urban inflation rate leaped 6.46% higher to 35.13%, compared to 28.68% recorded in September 2023, while on a month-onmonth basis, it was 2.67%, representing a 0.28% points rise when compared to 2.39% in August 2024.
“The corresponding twelve-month average for the Urban inflation rate was 33.95% in September 2024. This was 9.84% points higher compared to the 24.10% reported in September 2023,” the NBS noted in the report.
Rural inflation rate in September 2024 rose to 30.49% on a year-on-year basis, representing 5.55% growth from the 24.94% in the corresponding period of 2023.
On a month-on-month basis, the Rural inflation rate in September 2024 was 2.39%, up by 0.33% points compared to August 2024 (2.06%).
“The corresponding twelve-month average for the Rural inflation rate in September 2024 was 29.76%. This was 7.97% higher compared to the 21.79% recorded in September 2023,” it added.
Across the various states in the country, the NBS report said All-Items inflation was at its peak of 44.83% within the period in Bauchi, with Sokoto following at 38.74%; ahead of Jigawa’s 38.39%.
MoM, Delta was highest at 26.35%, followed by Benue’s 26.90%; while Katsina recorded the slowest rise Year-on-Year basis at 27.71%.
Month-on-Month, Sokoto recorded the highest increases in the month of September at 4.63%; with Taraba coming closely at 4.07%; and Anambra, 3.74%. At 1.14%, Kwara recorded the highest increase; Cross River recorded 1.78%; and Lagos, 1.82%.
“In September 2024, Food inflation on a Year-on-Year basis was highest in Sokoto (50.47%), Gombe (44.09%), and Yobe (43.51%), while Kwara (32.45%), Rivers (32.80%), and Kogi (32.83%), recorded the slowest rise in Food inflation on Year-on-Year basis.
“On a Month-on-Month basis, however, September 2024 Food inflation was highest in Sokoto (5.94%), Taraba (5.76%), and Bayelsa (4.44%), while Kwara (0.88%), Cross River (1.29%) and Kogi (1.45%) recorded the slowest rise in Food inflation on Month-on-Month basis,” the reported noted further.
