October 17, (THEWILL) – Nigeria’s inflation rose to 20.77 percent in September 2022 from 20.52 percent recorded in August 2022, the National Bureau of Statistics (NBS), reported on Monday.
According to the NBS, in September 2022, on a year–on–year basis, the headline inflation rate was 20.77 percent, 4.14 percent points higher compared to the rate recorded in September 2021, which was (16.63 percent).
“This indicates that in the month of September 2022, the general price level was 4.14 percent higher relative to September 2021.
“On a month-on-month basis, the headline inflation rate in September 2022 was 1.36 percent. This was 0.41 percent lower than the rate recorded in August 2022 (1.77 percent). This means that in the month of September 2022, the headline inflation rate (month–on–month basis) declined by 0.41 percent, relative to August 2022.
“The percentage change in the average Consumer Price Index (CPI) for the twelve-month period ending September 2022 over the average of the CPI for the previous twelve-month period was 17.43 percent, showing a 0.60 percent increase compared to 16.83 percent recorded in September 2021”, the report explained.
The increases were recorded in all Consumption According to Purpose (COICOP) divisions that yielded the headline index, the bureau, noted.
Meanwhile, the food inflation rate in September 2022 was 23.34 percent on a year-on-year basis; which was 3.77 percent higher compared to the rate recorded in September 2021 (19.57 percent).
NBS attributed the cause of the increase to a disruption in the supply of food products, an increase in import cost due to the persistent currency depreciation, and a general increase in the cost of production.
According to the report, “This rise in food inflation was caused by increases in prices of bread and cereals, food products; potatoes, yam, and other tubers, oil, and fat.
“On a month-on-month basis, the food inflation rate in September was 1.43 percent. This was a 0.54 percent fall compared to the rate recorded in August 2022 (1.98 percent). This decline was attributed to a reduction in prices of some food items like tubers, palm oil, maize, beans, and vegetables.
“The average annual rate of food inflation for the twelve-month period ending September 2022 over the previous twelve-month average was 19.36 percent, which was a decline of 1.35 percent points from the average annual rate of change recorded in September 2021 (20.71 percent).”
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