Nigeria’s inflation rate surged to 32.7 per cent in September 2024, reversing the decline recorded in July and August, according to the latest Consumer Price Index, CPI, report from the National Bureau of Statistics, NBS.
The new figure represents an increase from 32.15 per cent recorded in August, deepening economic challenges already impacting citizens amid ongoing fuel price hikes.
“This means that in September 2024, the rate of increase in the average price level is higher than the rate of increase in the average price level in August 2024,” the NBS noted in its report.
The rise in inflation has been attributed to multiple factors, including three petrol price increases introduced since early September.
Analysts had previously warned that the temporary slowdown in inflation during the previous months might not be sustainable, as the cost-of-living crisis continues to escalate.
President Bola Tinubu’s administration has justified the recent petrol price hikes as part of broader economic reforms aimed at eliminating costly fuel subsidies that had burdened public finances.
In addition to subsidy removal, the government has devalued the naira to stimulate economic growth and attract foreign investment, further compounding inflationary pressures.
Food Inflation Hits 37.77 Per Cent
The NBS report highlighted that food inflation rose to 37.77 per cent on a year-on-year basis in September, up from 37.52 per cent in August.
The increase has been linked to higher prices of essential commodities, including rice, maize, beans, yam, and vegetable oil.
“On a month-on-month basis, the food inflation rate in September 2024 was 2.64 per cent, which shows a 0.27 per cent increase compared to the rate recorded in August 2024 (2.37 per cent),” the NBS said.
The NBS further noted that the rise in food prices was driven by several product categories, such as bread and cereals, oils and fats, and meat products.
The surge also reflects the impact of floods in key agricultural regions, which disrupted crop production.
Rural and Urban Inflation Trends
Inflation remains a nationwide concern, with food prices rising nearly as much in rural areas as in urban centres.
According to the NBS, rural inflation stood at 30.49 per cent in September 2024, a significant increase from 24.94 per cent recorded in the same period last year.
“On a month-on-month basis, the rural inflation rate in September 2024 was 2.39 per cent, up by 0.33 per cent compared to August 2024 (2.06 per cent),” the report stated.
Meanwhile, urban inflation rose to 35.13 per cent, a 6.46 per cent increase from the 28.68 per cent recorded in September 2023.
Regional Variations in Food Inflation
The report also revealed disparities in food inflation across states.
Bauchi recorded the highest food inflation at 44.83 per cent, followed by Sokoto (38.74 per cent) and Jigawa (38.39 per cent).
On the other hand, Delta (26.35 per cent), Benue (26.90 per cent), and Katsina (27.71 per cent) reported the lowest inflation figures.
In terms of month-on-month analysis, Sokoto (4.63 per cent), Taraba (4.07 per cent), and Anambra (3.74 per cent) witnessed the highest increases in food prices, while Kwara (1.45 per cent), Cross River (1.75 per cent), and Lagos (1.82 per cent) recorded the slowest rise.
Central Bank Faces Pressure to Sustain Rate Hikes
The persistent inflationary pressures have raised concerns about Nigeria’s economic stability.
This has raised expectations that the Central Bank of Nigeria, CBN, could extend its monetary tightening cycle.
The CBN has already raised interest rates five times this year to curb inflation and is scheduled to announce its next policy decision on 26 November.
The report reflects the complexity of Nigeria’s economic challenges, as citizens struggle with rising costs of food, transportation, and essential services, while the government pushes ahead with reforms intended to stabilise the economy in the long term.
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