The increase in the prices of rice, maize, grains, beers, beverages, yam and oil pushed Nigeria’s inflation to 37.77 percent in September 2024.
This is according to the National Bureau of Statistics’ latest Consumer Price Index and Inflation report released on Tuesday.
According to the data, the country’s inflation rose by 7.13 percent to 37.77 percent in September 2024 from 30.64 percent in the corresponding period last year.
NBS said the rise in the prices of food on a year-on-year basis was attributed “to increases in prices of the following items: Guinea Corn, Rice, Maize Grains, Beans, etc (Bread and Cereals Class), Yam, Water Yam, Cassava Tuber, etc (Potatoes, Yam & Other Tubers Class), Beer (Local and Foreign)(Tobacco Class), Lipton, Milo, Bournvita, etc (Coffee, Tea & Cocoa Class) and Vegetable Oil, Palm Oil, etc (Oil & Fats Class).
Similarly, month-on-month food inflation increased from 0.26 percent to 37.77 percent in the month under review from 37.52 percent recorded in August 2024.
“The average annual rate of Food inflation for the twelve months ending September 2024 over the previous twelve-month average was 37.53 percent, which was an 11.88 percent point increase from the average annual rate of change recorded in September 2023 (25.65 percent)”.
Earlier, DAILY POST reported that Nigeria’s headline inflation rose to 32.70 percent in September from 32.15 recorded in the previous month.
The development comes amid several pump adjustments in the price of Premium Motor Spirit(Petrol) on September 3rd and 16th by the Nigerian National Petroleum Company Limited.
Recall that NNPCL increased fuel price to N897 per litre in September 2024 from N600 per litre.
DAILY POST reports that the increase in the price of Petrol has a direct impact on transportation fares and by extension the prices of food, goods and services across the country.
Hike in prices of rice, beer, grain push Nigeria’s food inflation to 37.77%
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