Nigeria inflation climbs to 26.72% in September
Nigeria’s inflation rate rose to 26.72% in September 2023 amid soaring food prices and harsh economic realities occasioned by the removal of fuel subsidy in May, marking a 0.92 per cent increase from the previous month’s 25.80 per cent.
This was disclosed in the September 2023 Consumer Price Index (CPI) and Inflation Report announced by the National Bureau of Statistics (NBS) on Monday. It was shared on the X handle of NBS.
The upsurge in inflation is mainly linked to the removal of petrol subsidies and the devaluation of the official exchange rate, both exerting substantial impacts on consumer prices.
“In September 2023, the headline inflation rate increased to 26.72% relative to the August 2023 headline inflation rate which was 25.80%,” the report partly read.
“Looking at the movement, the September 2023 headline inflation rate showed an increase of 0.92% points when compared to the August 2023 headline inflation rate.
“On a year-on-year basis, the headline inflation rate was 5.94 per cent points higher compared to the rate recorded in September 2022, which was 20.77 per cent.
” This shows that the headline inflation rate (year-on-year basis) increased in September 2023 when compared to the same month in the preceding year (i.e., September 2022).”
Furthermore, the report said the food inflation rate in September 2023 was 30.64% on a year-on-year basis, which was 7.30% points higher compared to the rate recorded in September 2022 (23.34%).
“The rise in food inflation on a year-on-year basis was caused by increases in prices of oil and fat, bread and cereals, potatoes, yam and other tubers, fish, fruit, meat, vegetables and milk, cheese, and eggs.
On a month-on-month basis, the Food inflation rate in September 2023 was 2.45%, this was 1.41% lower compared to the rate recorded in August 2023 (3.87%). The decline in food inflation on a month-on-month basis was caused by a fall in the rate of increase in the average prices of potatoes, yam and other tubers, bread and cereals, fruits, and fish,” the report added.
Food inflation experienced a sharp rise to 30.64% in September 2023, a 1.30 %-point increase from the previous month and 7.30% points higher than the corresponding period in 2022.
On a month-on-month basis, the Food inflation rate in September 2023 reached 2.45%, which was 1.41% points lower compared to the rate in August 2023 (3.87%).
The drop in month-on-month Food inflation resulted from a reduced rate of growth in the average costs of Potatoes, Yam, and other tubers, Bread and cereals, Fruits, as well as Fish.
The annual rate of Food inflation for the twelve months ending September 2023 averaged 25.65%, a 6.29 %-point increase from September 2022 (9.
