Nigeria’s annual inflation rate rose in September after recording a two-month consecutive fall.
The headline inflation rate was 32.70 per cent relative to the August headline inflation rate of 32.15 per cent, the National Bureau of Statistics (NBS) announced Tuesday.
Inflation indicators compare prices of goods and services in 12 months. A decline does not necessarily imply a reduction in prices; instead, it shows the rate of price increase had fallen compared to previous months.
According to the NBS, the September 2024 Headline inflation rate showed an increase of 0.55 per cent compared to the August 2024 headline inflation rate.
On a year-on-year basis, the headline inflation rate was 5.98 per cent points higher compared to the rate recorded in September 2023 (26.72 per cent).
“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 said.
More details later…