Owing to the increase in the prices of food, fuel, gas and other commodities, the inflation rate rose from 25.80% in August 2023 to 26.72% in September 2023.
The National Bureau of Statistics (NBS) yesterday announced this in its document titled: “CPI and Inflation Report September 2023.”
“In September 2023, the headline inflation rate increased to 26.72% relative to the August 2023 headline inflation rate which was 25.80%,” said NBS.
The bureau noted that the increase was by 0.92% points when compared to that of August 2023.
NBS said 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.
It explained that 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%.
The document said 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).
NBS further noted that 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%).
The document said in the period under review, food inflation 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%). According to the document, 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, said NBS, 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 bureau noted that the September 2023
all items inflation rate on a year-on-year basis was highest in Kogi (32.95%), Rivers (30.63%), Lagos (30.04%), while Borno (21.05%), Jigawa (22.39%) and Benue (23.22%) recorded the slowest rise in headline inflation on a year-on-year basis.
NBS added that on a month-on-month basis, however, September 2023 recorded the highest increases in Taraba (3.39%), Bauchi (3.38%), Niger (3.28%), while Borno (0.71%), Ekiti (1.05%) and Be-
nue (1.13%) recorded the slowest rise on month-on-month inflation.
The document said in the period under review,
food inflation on a year-on-year basis was highest in Kogi (39.37%), Rivers (35.95%), and Lagos (35.66%), while Jigawa (23.41%), Borno (25.29%) and Sokoto (25.38%) recorded the slowest rise in food inflation on a year-on-year basis.
NBS said on a month-
on-month basis, however, September 2023 Food inflation was highest in Akwa Ibom (4.23%), Niger (4.19%), and Ebonyi (3.74%), while Cross River (0.31%), Borno (0.62%) and Bayelsa (0.73%) recorded the slowest rise in inflation on month-on-month basis.
Continuing, NBS “On a year-on-year basis, in September 2023, the Urban inflation rate was 28.68%, this was 7.43% points higher compared to the 21.25% recorded in September 2022. On a month-on-month basis, the Urban inflation rate was 2.24% in September 2023, this was 1.05% points lower compared to August 2023 (3.29%). “The corresponding twelve-month average for the
Urban inflation rate was 24.10% in September 2023.
“This was 6.16% points higher compared
to the 17.94% reported in September 2022.
“The Rural inflation rate in September 2023 was 24.94% on a year-on-year basis; this was
4.62% points higher compared to the 20.32% recorded in September 2022. On a month-on-
month basis, the Rural inflation rate in September 2023 was 1.96%, down by 1.12% points
compared to August 2023 (3.08%).
“The corresponding twelve-month average for the Rural inflation rate in September 2023 was 21.79%. This was 4.85% higher compared to the 16.94% recorded in September 2022.”
