Inflation rate rises to 26.72% in September – NBS

The National Bureau of Statistics, NBS, said the headline inflation rate rose year-on-year by 26.72 per cent in September 2023.

This represents a 0.92 percentage point rise when compared to 25.8 per cent recorded in August.

The Bureau disclosed this today in its Consumer Price Index, CPI, report for September noting that the food index also increased YoY to 30.64 per cent from 29.34 percent in August.

According to NBS, the rise in food inflation 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.

NBS said: “In September 2023, the headline inflation rate increased to 26.72 percent relative to the August 2023 headline inflation rate which was 25.8 percent.

“Looking at the movement, the September 2023 headline inflation rate showed an increase of 0.92 percentage points when compared to the August 2023 headline inflation rate.

“On a YoY basis, the headline inflation rate was 5.94 percent points higher compared to the rate recorded in September 2022, which was 20.77 percent.

“This shows that the headline inflation rate (YoY basis) increased in September 2023 when compared to the same month in the preceding year (i.e., September 2022).

“Furthermore, on a month-on-month basis, the headline inflation rate in September 2023 was 2.1 percent which was 1.08 percent lower than the rate recorded in August 2023 (3.18 percent). “This 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.”

On food inflation, NBS said: “The Food inflation rate in September 2023 was 30.64% on a year-on-year basis, which was 7.30 percentage points higher compared to the rate recorded in September 2022 (23.34 percent).

“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.

“In September 2023, all items inflation rate on a year-on-year basis was highest in Kogi (32.95 percent), Rivers (30.63 percent), Lagos (30.04 percent), while Borno (21.05 percent), Jigawa (22.39 percent) and Benue (23.22 percent) recorded the slowest rise in headline inflation on a year-on-year basis.

“In September 2023, Food inflation on a year-on-year basis was highest in Kogi (39.37percent) Rivers (35.95 percent), and Lagos (35.66 percent), while Jigawa (23.41 percent), Borno (25.29 percent) and Sokoto (25.38 percent) recorded the slowest rise in Food inflation on a YoY basis.”