Nigeria’s Inflation Rate Hits Another High In September 2023 – NBS
Rita Elenwo
Nigeria’s inflation rate for the month of September, 2023 jumped to 26.72 percent, the National Bureau of Statistics (NBS) reports on Monday.
This is 0.92 percent higher that the inflation rate in August, which stood at 25.80 percent.
The consequence of this is that there has continued to be rise in prices of foodstuffs and goods in Nigerian market.
According to NBS report, in September 2023, the headline inflation rate increased to 26.72% relative to the August 2023 headline inflation rate which was 25.80%.
“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%,” it said.
The NBS 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).
“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,” it added.
The report said the percentage change in the average CPI for the twelve-month period ending September 2023 over the average of the CPI for the previous twelve-month period was 22.90%, showing a 5.47% increase compared to 17.43% recorded in September 2022.
On urban inflation, the report said on a year-on-year basis, in September 2023, the inflation rate was 28.68%, which 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,” it stated.
The report said the Rural inflation rate in September 2023 was 24.94% on a year-on-year basis; which 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 in- flation rate in September 2023 was 21.79%. This was 4.85% higher compared to the 16.94% recorded in September 2022,” the report stated.
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