Nigeria’s Inflation rises to 26.72 Per Cent in September 2023, Says NBS

Nigeria’s Inflation has risen to 26.72 per cent in September 2023, according to National Bureau of Statistics (NBS).

The agency, in its September 2023 consumer price index report, released on Monday, said the 26.7 per cent was higher than 25.80 per cent in August.

The report put food inflation in September at 30.64 per cent, due to the sharp increase in the prices of fish, milk, oil, fat, bread and cereals, vegetable, potato, yam tuber and eggs.

According to the report, the figure, which is 0.92 per cent points higher compared to the 25.80 per cent recorded in August 2023.

It said on a year-on-year basis, the headline inflation rate in September was 5.94 per cent higher than the rate recorded in September 2022 at 20.77 per cent.

The report said the increase in the headline index for September 2023 was attributed to the increase in some items in the basket of goods and services at the divisional level.

It said these increases were observed in food and non-alcoholic beverages at 13.84 per cent and housing, water, electricity, gas, and other fuel at 4.47 per cent.

Others were clothing and footwear at 2.04 per cent; transport at 1.74 per cent; furnishings, household equipment and maintenance at 1.34 per cent, education at 1.05 per cent, and health at 0.80 per cent.

“Miscellaneous goods and services at 0.44 per cent; restaurant and hotels at 0.32 per cent; alcoholic beverage, tobacco and kola at 0.29 per cent; recreation and culture at 0.18 per cent, and communication at 0.18 per cent.”

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In addition, the report said, on a month-on-month basis, the headline inflation rate in September 2023 was 2.10 per cent, which was 1.08 per cent lower than the rate recorded in August 2023 at 3.18 per cent.

“This means that in September 2023, the average price level decreased by 1.08 per cent compared to August 2023.”

It said the percentage change in the average CPI for the 12 months ending September 2023 over the average of the CPI for the previous corresponding 12-month period was 22.90 per cent.

“This indicates a 5.47 per cent increase compared to 17.43 per cent recorded in September 2022.”

The report said the food inflation rate in September increased to 30.64 per cent on a year-on-year basis, which was 7.30 per cent higher compared to the rate recorded in September 2022 at 23.34 per cent.

“The rise in food inflation is caused by increases in prices of oil and fats, bread and cereals, fish, potatoes, yams and other tubers, fruits, meat, vegetable, milk, cheese and eggs. ”

It said on a month-on-month basis, the food inflation rate in September was 2.45 per cent, which was a 1.41 per cent drop compared to the rate recorded in August 2023 at 3.87 per cent.

“The decline in food inflation on a month-on-month basis was caused by a decrease in the average prices of bread and cereals, potatoes, yam and other tubers, bread, and fruits and fish. ”

The report said the “All items less farm produce’’ or core inflation, which excludes the prices of volatile agricultural produce and petroleum motor spirit stood at 21.84 per cent in September on a year-on-year basis.