Nigeria’s headline inflation rate for September 2024 rose to 32.70 per cent, according to the latest Consumer Price Index report from the National Bureau of Statistics.

The increase of 0.55 per cent is from the August 2024 figure of 32.15 per cent.

The development was after inflation dropped consecutively in the previous two months of July and August.

Year-on-year, inflation has surged by 5.98 percentage points compared to the 26.72 per cent recorded in September 2023.

Food prices remain a key driver of inflation, with the food inflation rate climbing to 37.77 per cent in September 2024, a notable rise of 7.13 per cent from the 30.64 per cent recorded in the same period last year.

The increase in food inflation is largely attributed to rising prices of staples such as rice, maize, beans, and yams. Month-on-month, the food inflation rate also increased to 2.64 per cent in September 2024, up from 2.37 per cent in August.