October 17, 2023.
Thank you for reading this post, don't forget to subscribe!Azonuchechi Chukwu.
National Bureau of Statistics has revealed that Nigeria’s headline inflation rate in September 2023 increased to 26.72% relative to the August 2023 headline inflation rate which was 25.80%.
This was according to the September 2023 Consumer Price Index (CPI) and Inflation Report released by the National Bureau of Statistics (NBS) on Monday.
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% points higher compared to the rate recorded in September 2022, which was 20.77%.
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, on a month-on-month basis, 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 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.
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.(www.naija247news.com).
