By John Ikani
Nigeria’s inflation rate surged to 26.72% in September 2023, driven by escalating food costs and the economic challenges stemming from the removal of the fuel subsidy in May.
The National Bureau of Statistics (NBS) unveiled the Consumer Price Index (CPI) and Inflation Report for September 2023.
The CPI, which gauges changes in the prices of goods and services, climbed from 25.80% in August 2023, marking a 0.92% point increase.
“In September 2023, the headline inflation rate increased to 26.72% compared to the August 2023 headline inflation rate of 25.80%,” as detailed in the report.
“The September 2023 headline inflation rate registered a 0.92% point rise in comparison to the August 2023 headline inflation rate. Year-on-year, the headline inflation rate was 5.94% points higher than the rate recorded in September 2022, which stood at 20.77%.”
In addition, the report disclosed that the food inflation rate in September 2023 hit 30.64% on a year-on-year basis, marking a 7.30% point increase compared to September 2022, when it was at 23.34%.
The surge in food inflation on a year-on-year basis can be attributed to price hikes in oil and fat, bread and cereals, potatoes, yam, and other tubers, fish, fruit, meat, vegetables, and milk, cheese, and eggs.
On a month-on-month basis, the food inflation rate for September 2023 stood at 2.45%, reflecting a 1.41% reduction compared to the rate recorded in August 2023, which was 3.87%.
The dip in food inflation on a month-on-month basis was influenced by a decrease in the rate of increase in the average prices of potatoes, yam, and other tubers, bread and cereals, fruits, and fish.
