Nigeria’s inflation rate climbed to 32.7 percent in September, marking the first increase in three months, according to data from the National Bureau of Statistics (NBS).
The figure represents a marginal rise from 32.15 percent recorded in August, intensifying the pressure on citizens already facing a severe cost-of-living crisis.
The NBS attributed the rise to higher food prices, with food inflation climbing to 37.77 percent in September from 37.52 percent in August. “This rise can be attributed to the increase in prices of items such as rice, maize, vegetable oil, and meat,” the NBS reported.
Rural communities, where inflation hit 30.49 percent, have experienced food prices nearly as high as those in urban centres, reflecting the widespread economic hardship.
The rise in inflation raises concerns about the central bank’s monetary policy. The Central Bank of Nigeria will announce its next interest rate decision on November 26, raising speculation about further hikes in response to the inflationary pressures.
—Ezinwanne Onwuka reports for TruthNigeria from Abuja.
