Abuja, Nigeria
A new report by the National Bureau of Statistics (NBS) showed the country’s headline inflation soared to 26.72 per cent in September.
This shows an increase of 0.90 per cent up from the 25.80 per cent recorded in August 2023.
NBS disclosed this in its September Consumer Price Index (CPI) report published on Monday.
The CPI measures the average change over time in the prices of goods and services consumed by people for day-to-day living—it combines economic theory, sampling, and other statistical techniques using data from other surveys to produce a weighted measure of average price changes in the Nigerian economy
On a year-on-year comparison, the headline inflation rate was 5.94 per cent higher than the rate recorded in September 2022, which was 20.77 per cent.
This implies that the headline inflation rate (year-on-year basis) increased in September 2023 compared to the same month in 2022.
The report also indicated month-on-month basis, the headline inflation rate in September 2023 was 2.10 per cent, 1.08 per cent lower than the rate recorded in August 2023 (3.18 per cent).
This means that in September 2023, the rate of increase in the average price level was less than what was recorded in August 2023.
Urban inflation
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.
Rural inflation
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
