According to the National Bureau of Statistics (NBS), Nigeria’s inflation increased to 26.72% in September 2023 despite skyrocketing food costs.
The National Bureau of Statistics (NBS) released its report on inflation for the September 2023 Consumer Price Index (CPI) on Monday.
The CPI is known for measuring the changes in the prices of goods and services, rose from 25.80% in August 2023 with an increase of 0.92% points, this is against the harsh economic challenges caused by the removal of fuel subsidy in May.
The report partly read, “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%.”
In addition, the report pointed out that the food inflation rate in September 2023 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%).
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“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”.
Likewise, on a month-on-month basis, the Food inflation rate in September 2023 was 2.45%, this was 1.41% lower when compared to the rate recorded in August 2023 (3.87%).
The report added, “The decline in food inflation on a month-on-month basis was caused by a fall in the rate of increase in the average prices of potatoes, yam and other tubers, bread and cereals, fruits, and fish”.
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