Inflation Defies FG’s Monetary, Fiscal Policies, Hits 32.70 Percent In September

Inflationary statistics released by the National Bureau of Statistics (NBS), for the month of September 2024, showed a steady increase at 32.70 percent, defying monetary and fiscal policies of the Federal government targeted at curbing protracted inflation in Nigeria.

In September 2024, the Headline inflation rate was 32.70% relative to the August 2024 headline inflation rate of 32.15%, with food inflation hitting highest in Sokoto
(50.47%), Gombe (44.09%), in the month under review on year-on-year basis.

The major drivers of the headline inflation on year-on-year basis include: Food and Non-Alcoholic Beverages 16.94 percent; Housing, Water, Electricity, Gas and  Other Fuel 5.47 percent.

According NBS, “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-onyear 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%).”

The Bureau explained that this meant 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.

In September 2024, the All Items inflation rate on a Year-on-Year basis was highest in Bauchi (44.83%), Sokoto (38.74%), and Jigawa (38.39%), while Delta (26.35%), Benue (26.90%) and Katsina (27.71%) 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%), Taraba (4.07%), Anambra (3.74%), while Kwara (1.14%), Cross River (1.78%) and Lagos (1.82%) recorded the slowest rise on Month-on-Month inflation.

In respect of Food Inflation in the month under review, Food inflation on a Year-on-Year basis was highest in Sokoto (50.47%), Gombe (44.09%), and Yobe (43.51%) while Kwara (32.45%), Rivers (32.80%), and
Kogi (32.83%), 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%), Taraba (5.76%), and Bayelsa (4.44%), while Kwara (0.88%), Cross River (1.29%) and Kogi (1.45%) recorded the slowest rise in Food inflation on Month-on-Month basis.