The National Bureau of Statistics (NBS) says Nigeria’s headline inflation rate increased to 26.72 percent in September 2023.
The NBS disclosed this in its Consumer Price Index (CPI) and Inflation Report for September, released in Abuja on Monday.
According to the report, the figure, which is 0.92 percent points higher compared to the 25.80 percent recorded in August 2023.
It said on a year-on-year basis, the headline inflation rate in September was 5.94 percent higher than the rate recorded in September 2022 at 20.77 percent.
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 percent and housing, water, electricity, gas, and other fuel at 4.47 percent.
Others were clothing and footwear at 2.04 per cent; transport at 1.74 percent; furnishings, household equipment and maintenance at 1.34 percent, education at 1.05 percent, and health at 0.80 percent.
“Miscellaneous goods and services at 0.44 per cent; restaurant and hotels at 0.32 percent; alcoholic beverage, tobacco and kola at 0.29 per cent; recreation and culture at 0.18 percent, and communication at 0.18 percent.”
In addition, the report said, on a month-on-month basis, the headline inflation rate in September 2023 was 2.10 percent, which was 1.08 percent lower than the rate recorded in August 2023 at 3.18 percent.
“This means that in September 2023, the average price level decreased by 1.08 percent 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 percent increase compared to 17.43 percent recorded in September 2022.”
The report said the food inflation rate in September increased to 30.64 percent on a year-on-year basis, which was 7.30 percent higher compared to the rate recorded in September 2022 at 23.34 percent.
“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 percent, which was a 1.41 percent drop compared to the rate recorded in August 2023 at 3.87 percent.
“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 percent in September on a year-on-year basis.
“This increased by 4.35 percent compared to 17. 49 percent recorded in September 2022.”
“The exclusion of the PMS is due to the deregulation of the commodity by removal of subsidy.”
It said the highest increases were recorded in prices of passenger transport by air and road, medical services, maintenance, and repair of personal transport equipment, etc.
The NBS said on a month-on-month basis, the core inflation rate was 2.22 percent in September 2023.
“This indicates a 0.05 percent rise compared to what was recorded in August 2023 at 2.18 percent.”
“The average 12-month annual inflation rate was 19.55 percent for the 12 months ending September 2023, this was 4.48 percent points higher than the 15.07 percent recorded in September 2022.”
The report said on a year-on-year basis in September, the urban inflation rate was 28.68 percent, which was 7.43 percent higher compared to the 21.25 percent recorded in September 2022.
“On a month-on-month basis, the urban inflation rate was 2.24 percent in September representing a 1.05 per cent decline compared to August 2023 at 3.29 percent.”
The report said on a year-on-year basis in September, the rural inflation rate was 24.94 percent, which was 4.62 percent higher compared to the 20.32 percent recorded in September 2022.
“On a month-on-month basis, the rural inflation rate was 1.96 percent, which decreased by 1.12 per cent compared to August 2023 at 3.08 percent.”
On states’ profile analysis, the report showed in September, all items inflation rate on a year-on-year basis was highest in Kogi at 32.95 percent, followed by Rivers at 30.63 percent, and Lagos at 30.04 percent.
It, however, said the slowest rise in headline inflation on a year-on-year basis was recorded in Borno at 21.05 percent, followed by Jigawa at 22.39 percent, and Benue at 23.22 percent.
The report, however, said in September 2023, all items inflation rate on a month-on-month basis was highest in Taraba at 3.39 percent, Bauchi at 3.38 percent, and Niger at 3.28 percent.
“Borno at 0.71 percent, followed by Ekiti at 1.05 percent and Benue at 1.13 percent recorded the slowest rise in month-on-month inflation.”
The report said on a year-on-year basis, food inflation was highest in Kogi at 39.37 percent, followed by Rivers at 35.95 percent and Lagos at 35.66 percent.
“Jigawa at 23.41 percent, followed by Borno at 25.29 per cent and Sokoto at 25.38 percent recorded the slowest rise in food inflation on a year-on-year basis.”
The report, however, said on a month-on-month basis, food inflation was highest in Akwa Ibom at 4.23 percent, followed by Niger at 4.19 percent and Ebonyi at 3.74 percent.
“With Cross River at 0.31 percent, followed by Borno at 0.62 per cent and Bayelsa at 0.73 percent recorded the slowest rise on month-on-month food inflation.”