The September headline inflation data released by the National Bureau of Statistics (NBS) has shown that food prices are almost as high in rural communities as in urban centres in Nigeria.

A large percentage of Nigerians reside in rural communities where agriculture is a major economic activity. Apart from being the producers of many farm crops distributed across cities, rural dwellers also produce their own food collected from the farms.

In the latest report, NBS stated that food prices increased in rural communities.

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“The rural inflation rate in September 2024 was 30.49% on a year-on-year basis. This was 5.55% higher compared to the 24.94% recorded in September 2023,” the NBS’ Consumer Price Index (CPI) Inflation Report stated.

“On a month-on-month basis, the rural inflation rate in September 2024 was 2.39%, up by 0.33% points compared to August 2024 (2.06%). The corresponding twelve-month average for the rural inflation rate in September 2024 was 29.76%. This was 7.97% higher compared to the 21.79% recorded in September 2023.”

In contrast, on a year-on-year basis, the urban inflation rate in September was 35.13%, which was 6.46% points relative to the 28.68% recorded in September 2023. The month-on-month urban inflation rate was 2.67% in September 2024, 0.28% points higher than August’s 2.39%.

GENERAL INFLATION RATE

The report showed that September witnessed a headline inflation rate of 32.70% compared to 32.15% recorded in August. This represented a 0.55% increase.

Generally, the September headline inflation rate was 2.52%, higher than the 2.22% rate witnessed in the preceding month. According to the NBS, this showed that the average price level seen in September was greater than the average price level seen in August.

In reference to a year-on-year inflation basis, the headline inflation for September was 5.98% higher than what was recorded (26.72%) in the same month in 2023.

READ ALSO: Nigeria’s Inflation Rate Hits Highest Point in 28 Years

Nigeria’s headline inflation figures have been fluctuating recently. EQ reported in August that the inflation rate dropped to 32.15% from 33.40% reported in July.

Despite the decrease, there was a noticeable increase in rent, medical services and transportation costs.

Meanwhile, food prices had been on an upward increase for 18 consecutive months with a 33.95% seen in June until the reduction first seen in July and August.
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