Cost of Living in Nigeria: The Inflation Rates in Anambra, Bauchi, and Abia for September 2024
Latest Inflation Rate Overview in Nigeria
Cost of living in Nigeria has taken a severe hit, with the headline inflation rate climbing to 32.70% in September 2024, a noticeable rise from 32.15% in August 2024. This change, as reported by the National Bureau of Statistics (NBS), is primarily driven by hikes in transportation costs and escalating food prices.
Year-on-Year and Month-on-Month Analysis
Year-on-year indicators show that the inflation rate has surged by 5.98 points, up from 26.72% in September 2023, indicating a persistent inflationary trend. Furthermore, the month-on-month analysis reveals an increase in the inflation rate of 0.30%, indicating a growing cost of living burden.
Food Inflation Dynamics
- Food inflation has also surged, reaching 37.77% year-on-year, with a month-on-month rate of 2.64%.
- This rise can be attributed to increasing prices in key food items, including vegetable oil, groundnut oil, and meat products.
State-by-State Breakdown
The increase in inflation rates has varied across different states, particularly affecting Anambra, Bauchi, and Abia. The implications for the cost of living in these areas cannot be understated as residents adapt to these growing economic challenges.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.