The National Bureau of Statistics (NBS) in Nigeria reported that the country’s headline inflation rate increased year-on-year to 26.72% in September 2023. This represents a 0.92 percentage point rise compared to the 25.8% recorded in August.
The NBS disclosed these figures in its Consumer Price Index (CPI) report for September, highlighting that the food index also experienced a year-on-year increase, rising to 30.64% from 29.34% in August.
This rise in food inflation was attributed to increases in the prices of items like oil and fat, bread and cereals, potatoes, yams, other tubers, fish, fruit, meat, vegetables, and dairy products.
The NBS explained, “In September 2023, the headline inflation rate increased to 26.72% compared to the August 2023 headline inflation rate, which was 25.8%. This represents an increase of 0.92 percentage points.”
On a year-on-year basis, the headline inflation rate was 5.94 percentage points higher compared to the rate recorded in September 2022, which was 20.77%. This indicates a notable increase in the headline inflation rate from the same month in the previous year.
UPDATE: Nigeria’s Inflation Jumps To 24.08% In July — NBS
Furthermore, on a month-on-month basis, the headline inflation rate in September 2023 was 2.1%, which was 1.08% lower than the rate recorded in August 2023 (3.18%). This suggests that the rate of increase in the average price level was lower in September compared to August.
Regarding food inflation, the NBS noted, “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%).”
The increase in food inflation can be attributed to rising prices of essential items such as oil and fat, bread and cereals, potatoes, yams, other tubers, fish, fruit, meat, vegetables, and dairy products.
The NBS also provided regional data, indicating that in September 2023, Kogi, Rivers, and Lagos recorded the highest all-items inflation rates on a year-on-year basis. Conversely, Borno, Jigawa, and Benue reported the slowest rise in headline inflation year-on-year.
For food inflation, Kogi, Rivers, and Lagos again had the highest rates, while Jigawa, Borno, and Sokoto recorded the slowest rise in food inflation year-on-year. These figures underscore the challenges of high inflation and its regional variations within Nigeria.
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