Nigeria’s National Bureau of Statistics (NBS), on Monday published the latest Consumer Price data showing that inflation soared further to 26.72% year-on-year in the month of September 2023, up 0.92% when compared to 25.8% in August, with food and energy prices remaining the major driver.
On a year-on-year basis, the headline inflation rate was 5.94% points higher compared to the rate recorded in September 2022, which was 20.77%, while month-on-month, the headline inflation rate in September 2023 was 2.10%, which was 1.08% lower than the rate recorded in August 2023 (3.18%). This, it continued, means that in September 2023, the rate of increase in the average price level was less than the rate of increase in the average price level in August 2023.”
Food inflation remained the major driver of the growth, closing at 30.64% YoY, after jumping 7.30% higher from 23.34% in the previous month.
Urban inflation rate for the period under review was 28.68%, or 7.43% points higher compared to the 21.25% recorded in September 2022; just as month-on-month, it rose by 2.24% in September 2023, representing 1.05% points drop compared to 3.29% in the preceding month.
The Rural inflation rate in September 2023 was 24.94% YoY, represening 4.62% points higher compared to the 20.32% recorded in September 2022, just as MoM , the Rural inflation rate in September 2023 was 1.96%, down by 1.12% points when compared to 3.08%.
The rise in YoY food inflation the report noted, “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 MoM 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 average annual rate of Food inflation for the twelve months ending September 2023 over the previous twelve-month average was 25.65%, which was 6.29% points increase from the average annual rate of change recorded in September 2022 (19.36%),” the reported stressed.