In September 2023, Nigeria’s inflation rate reached 26.72% as a result of the skyrocketing food costs and the challenging economic conditions brought on by the termination of fuel subsidies in May.
The National Bureau of Statistics (NBS) reported this in its release of the September 2023 Consumer Price Index (CPI) and Inflation Report on Monday.
The CPI, which tracks changes in product and service prices, increased from 25.80% in August 2023 by 0.92% points.
The report reads in part, “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%.”
The report also stated that the annualised food inflation rate in September 2023 was 30.64%, which was 7.30% points higher than the rate seen in September 2022 (23.34%).
“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.”
The Food inflation rate in September 2023 was 2.45% on a monthly basis, which was 1.41% lower than the rate observed in August 2023 (3.87%). According to the research, a decrease in the rate of growth in the average price of potatoes, yams, and other tubers, bread and cereals, fruits, and fish was the primary factor in the month-over-month dip in food inflation.
