High Petrol Prices Push Nigeria’s Inflation to 32.7%

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High Petrol Prices Push Nigeria’s Inflation to 32.7%

By Fly Cable News

Nigeria’s inflation rate for September 2024 rose to 32.7%, driven primarily by a sharp increase in petrol prices, according to a report from the National Bureau of Statistics.

This marks a 0.55% rise from August and a 5.98% increase year-on-year.

The World Bank had projected the rise, noting that petrol prices surged by 40-45% in September, exacerbating inflationary pressures, particularly on transportation and production costs.

Food inflation also climbed to 37.77%, with urban areas experiencing higher inflation than rural regions. Despite efforts to curb inflation, experts warn that underlying structural challenges, such as high fuel costs and infrastructure bottlenecks, continue to drive inflation.

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