Just in: Fuel, food prices push up inflation to 32.70%

Just in: Fuel, food prices push up inflation to 32.70% 

Nigeria’s headline inflation rate has risen to 32.70%, propelled by increases in transportation cost and food prices.

The National Bureau of Statistics (NBS) disclosed this on Tuesday in its latest Consumer Price Index (CPI) report which reflected the inflation in September 2024.

This shows a 0.55% increase over 32.15% recorded in August 2024.

This is coming on the heels of increases in petrol prices by the Nigerian National Petroleum Company Limited in early September.

The latest rate is 5.98 percentage points higher than the 26.72% recorded in September 2023, indicating a significant increase in inflation over the past year.

The headline inflation rate in September 2024 was 2.52%, 0.30% higher than the 2.22% recorded in August 2024.