'Seun Ibukun-Oni, Abuja
DAILY COURIER - Nigeria's inflation rate rose to 32.70% in September 2024, marking a 0.55% increase from August’s figure of 32.15%, according to the latest Consumer Price Index (CPI) report from the National Bureau of Statistics (NBS). The uptick followed two consecutive months of decline in headline inflation, suggesting renewed inflationary pressures.
The NBS report noted that the inflation rate in September was 5.98 percentage points higher than the 26.72% recorded in the same period last year. On a month-to-month basis, inflation increased by 2.52%, up from 2.22% in August 2024, indicating a faster rise in the average price level during the month.
Food prices remain the key driver of inflation, with the food inflation rate soaring to 37.77% in September. This represents a significant jump of 7.13% from the 30.64% recorded in September 2023. Staples such as rice, maize, beans, and yams have seen notable price hikes, exacerbating the inflationary burden on Nigerians.
The month-on-month food inflation rate also rose to 2.64% in September, compared to 2.37% in August, highlighting the continued upward pressure on household expenses. Analysts point to factors such as supply chain disruptions, exchange rate volatility, and insecurity in food-producing regions as contributors to the ongoing surge in food prices.
Rising Costs Amid Economic Reforms
The latest inflation figures come amid significant economic reforms implemented by the administration of President Bola Ahmed Tinubu, including the removal of fuel subsidies and the floating of the naira currency. While these measures are aimed at attracting foreign investment and stabilizing the economy in the long term, they have contributed to rising living costs for Nigerians.
With inflation at a three-decade high, many households are struggling to cope with the rising costs of goods and services, particularly food. The NBS report highlights the need for urgent policy measures to address the supply-side factors driving inflation, especially in the food sector.
As Nigeria prepares for the upcoming elections, inflation and the cost of living are expected to remain central issues in the national conversation. Economic experts are calling for targeted interventions to mitigate the impact of inflation on vulnerable populations while ensuring that the country's economic reforms deliver sustainable growth.