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Nigeria’s Inflation Hits Record High: 32.7% in September 2024 Amid Fuel Price Hikes
Nigeria's Inflation Rate Hits Record High
Abuja, Nigeria – Nigeria’s inflation rate has reached a record high of 32.7% in September 2024, according to the National Bureau of Statistics (NBS). This marks a 0.55% increase from August 2024.
The surge is primarily driven by escalating transport costs and food prices, following the Nigerian National Petroleum Company Limited’s (NNPCL) petrol price hikes since early September.
Key Highlights:
– Food inflation: 37.77% year-on-year, up 7.13 percentage points
– Core inflation: 27.43% year-on-year, excluding agricultural and energy prices
– Urban inflation: 2.67%, rural inflation: 2.39%
– 5.98 percentage points higher than September 2023’s 26.72% rate
Experts warn of an impending economic crisis, citing the inflation rate’s rapid acceleration.
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