The United States headline inflation dropped to 2.4 percent in September 2024 from 2.5 percent in August as Nigeria gets set to release its September inflation figures.
According to US Bureau of Labour Statistics data released on Thursday, while the country’s inflation eased, volatile food and energy costs, “core” prices, remained elevated in September, driven up by rising costs for medical care, clothing, auto insurance and airline fares.
The data showed that core prices in September were up 3.3 percent on a year-on-year basis and 0.3 percent from August.
This comes on the back of the US Federal Reserve’s cut of the interest rate by 0.50 basis points in September 2024, for the first time since 2020.
The US inflation rate drop comes as Nigeria’s National Bureau of Statistics, NBS, is expected to release its inflation figures on Tuesday.
Recall that Nigeria’s headline and food inflation stood at 32.15 percent and 37.52 percent in August 2024.
In September 2024, Nigeria witnessed two petrol price hikes by the Nigerian National Petroleum Company Limited, NNPCL.
The petrol price hike in September saw the product rise from N617 per litre to N897.
On Wednesday, 9th October 2024, NNPCL again increased the petrol price to N1030 per litre from N897.
The impact of several petrol pump price adjustments had rippled down on the prices of goods and services across the country.
US inflation eases to 2.4% in September as NBS gets set to release Nigeria’s latest figures
