In an economic context where inflation remains a major concern, Nigeria recorded a significant increase in its inflation rate in September 2024. According to the latest report from the National Bureau of Statistics, the inflation rate rose to 32.7%, marking a reversal of the trend after two consecutive months of decline to 32.15% in August.
This increase was mainly driven by a notable month-on-month increase in food inflation, from 2.37% to 2.64%. The data reveals that prices of commodities such as maize, rice, beans, yam, vegetable oil and palm have seen a significant increase. This increase in food prices has had a direct impact on the overall inflation in the country.
On a year-on-year basis, the headline inflation rate in September 2024 was 5.98 percentage points higher compared to September 2023, thus highlighting increasing inflationary pressure. Looking more closely at the figures, it is clear that food inflation played a key role in this upward trend, with an increase of 37.77% on a year-on-year basis, representing a significant increase compared to the same period last year.
The report highlights the main factors that contributed to this increase in food inflation, including the increase in prices of products such as beer, vegetable oil, corn flour and dairy products. This upward trend in food prices is explained by a combination of internal and external factors, such as global inflationary pressures and national economic policies.
In addition, the monthly analysis of food inflation shows an increase of 2.64% compared to the previous month, indicating a continued upward trend in food prices in the market. This development raises concerns about the impact of inflation on household purchasing power and economic stability in the country.
Overall, the current inflation situation in Nigeria underscores the need for proactive economic management to mitigate inflationary pressures and ensure long-term financial stability. The authorities must develop effective policies to control inflation, promote local production, and ensure access to affordable food for the entire population.