By Francis Ajuonuma and Anthony Otaru
Amid growing discontentment across the land,Nigeria’s headline inflation rate increased to 32.70 per cent in September 2024, against the 32.15 per cent recorded in August 2024, after a two-month consecutive fall.
This is according to the Consumer Price Index (CPI) report, of Nigeria Bureau of Statistics for the month of September released yesterday.
The figure shows a marginal 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).
On a month-on-month basis, the Headline inflation rate in September 2024 was 2.52 per cent, representing 0.30 per cent higher than the rate recorded in August 2024 (2.22 per cent).
It shows 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 percentage change in the average CPI for the 12 months ending September 2024 over the average of the previous twelve months period was 31.73 per cent, showing 8.83 per cent increase compared to 22.90 per cent recorded in September 2023.
However, the Food inflation rate in September 2024 reached 37.77 per cent on a year-on-year basis, represnting 7.13 per cent points higher than the rate recorded in September 2023 (30.64 per cent).
The rise in Food inflation on a year on-year basis was caused by increases in prices of Guinea Corn, Rice, Maize Grains, Beans, Bread and Cereals Class, Yam, Water Yam, Cassava, Potatoes, Yam & other tubers class, Beer, Lipton, Milo, Bournvita, Coffee, Tea and Vegetable Oil and Palm Oil amongst others.
“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 rise can be attributed to the rate of increase in the average prices of Beer (Local and Foreign) (Tobacco Class), Vegetable Oil, Groundnut Oil, Palm Oil, etc (Oil & Fats Class), Beef, Gizzard, Dried Beef, Lipton, Milo, Bournvita, Coffee, Tea & Cocoa Class and Milk, Egg, cheese and Eggs Class.
“The average annual rate of Food inflation for the twelve months ending September 2024 over the previous twelve-month average was 37.53 per cent, which was 11.88 per cent points increase from the average annual rate of change recorded in September 2023 (25.65 per cent).
Analysing price movements in the states as of September 2024, food inflation on a Year-on-Year basis was highest in Bauchi (44.83 per cent), Sokoto (38.74 per cent), and Jigawa (38.39 per cent), while Delta (26.35 per cent), Benue (26.90 per cent) and Katsina (27.71 per cent) recorded the slowest rise in Headline inflation on Year-on-Year basis.
On a Month-on-Month basis, however, September 2024 recorded the highest increases in Sokoto (4.63 per cent), Taraba (4.07 per cent), Anambra (3.74 per cent), while Kwara (1.14 per cent), Cross River (1.78 per cent) and Lagos (1.82 per cent) recorded the slowest rise on Month-on-Month inflation.
In September 2024, Food inflation on a Year-on-Year basis was highest in Sokoto (50.47 per cent), Gombe (44.09 per cent), and Yobe (43.51 per cent) while Kwara (32.45 per cent), Rivers (32.80 per cent), and Kogi (32.83 per cent), 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 per cent), Taraba (5.76 per cent), and Bayelsa (4.44 per cent), while Kwara (0.88 per cent), Cross River (1.29 per cent) and Kogi (1.45 per cent) recorded the slowest rise in Food inflation on Month-on-Month basis.
