Nigeria's inflation rate has reached 32.70% for September, as reported by the National Bureau of Statistics (NBS) on Monday. 

The NBS indicated that this figure represents an increase from the 32.15% recorded in August 2024. 

The Bureau highlighted that the September 2024 inflation rate reflects a rise of 0.55% compared to the previous month. 

Year-on-year, the inflation rate is 5.98 percentage points higher than the 26.72% recorded in September 2023, indicating a significant increase when comparing the same month across the two years.

Furthermore, the NBS noted that the month-on-month inflation rate for September 2024 was 2.52%, which is 0.30% above the 2.22% observed in August 2024. This suggests that the average price level increased at a faster rate in September than in the preceding month. 

The surge in prices for goods and services has been attributed to the rise in the cost of Premium Motor Spirit (PMS) at the beginning of September and again in October.