High petrol price pushes inflation to 32.70% – Report

Oct. 16, 2024 - Punch Newspapers

Nigeria’s headline inflation rate for September 2024 rose to 32.70 per cent after slowing consecutively in the previous two months of July and August.

The report read, “In September 2024, the Headline inflation rate was 32.70 per cet relative to the August 2024 headline inflation rate of 32.

15 per cent. Looking at the movement, the September 2024 Headline inflation rate showed an increase of 0.

55 per cent compared to the August 2024 Headline inflation rate. “On a year-on-year basis, the headline inflation rate was 5.

98 per cent points higher compared to the rate recorded in September 2023 (26.72 per cent).

Also, he highlighted the importance of sub-national governments in addressing food inflation by improving rural infrastructure to ease transportation and access to markets...