Nigeria’s annual inflation rate rose in September, ending a two-month streak of declines.
The headline inflation rate was “32.70 percent” compared to the August rate of “32.15 percent,” the National Bureau of Statistics (NBS) announced on Tuesday.
Inflation indicators assess the prices of goods and services over a 12-month period. A decline in these indicators does not necessarily mean prices have fallen; rather, it indicates that the rate of price increase has slowed relative to previous months.
According to the NBS, the September 2024 headline inflation rate increased by “0.55 percent” from the August 2024 rate.
On a year-on-year basis, the headline inflation rate was “5.98 percent” points higher than the rate recorded in September 2023 (“26.72 percent”).
“This shows that the Headline inflation rate (year-on-year basis) increased in September 2024 when compared to the same month in the preceding year (i.e., September 2023),” the NBS stated.
More to come…
