Extracts from Septr-2024 Consumer Price Index (CPI) report released by the National Bureau of Statistics (NBS) revealed that the Nigeria’s headline inflation printed at 32.70% on a year-on-year (y/y) basis, indicating a 54bps climb from 32.15% y/y recorded in Aug-2024. On a month-on-month viewpoint, a similar uptick was observed. For context, headline inflation rate climbed by 2.52% m/m in Sept-2024, 30bps higher than the 2.22% m/m recorded in Aug-2024.

In September 2024, the Headline inflation rate was 32.70% relative to the August 2024 headline inflation rate of 32.15%. Looking at the movement, the September 2024 Headline inflation rate showed an increase of 0.55% compared to the August 2024 Headline inflation rate. On a year-on-year basis, the Headline inflation rate was 5.98% points higher compared to the rate recorded in September 2023 (26.72%).

This shows that the Headline inflation rate (year-on year basis) increased in September 2024 when compared to the same month in the preceding year (i.e., September 2023). Furthermore, on a month-on-month basis, the Headline inflation rate in September 2024 was 2.52%, which was 0.30% higher than the rate recorded in August 2024 (2.22%). This means that in September 2024, the rate of increase in the average price level is higher than the rate of in crease in the average price level in August 2024.