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 2024 headline inflation rate of 32.15 per cent, the National Bureau of Statistics (NBS) announced Tuesday.
Inflation indicators compare prices of goods and services over 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 increased by 0.55 percentage points compared to August 2024.
On a year-on-year basis, the headline inflation rate was 5.98 percentage points higher than the rate recorded in September 2023 (26.72 per cent).
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