Nigeria’s National Bureau of Statistics (NBS) has announced that the headline inflation for the country increased to 20.77 percent in September 2022.
The NBS said in its monthly report of the Consumer Price Index (CPI), which measures inflation, on Monday that the rate of inflation was 4.14% points higher compared to the rate recorded in September 2021, which was (16.63%).
“This indicates that in the month of September 2022 the general price level was 4.14% higher relative to September 2021,” it said.
According to the report, on a month-on-month basis, the Headline inflation rate in September 2022 was 1.36%, this was 0.41% lower than the rate recorded in August 2022 (1.77%). This means that in the month of September 2022, the headline inflation rate (month–on–month basis) declined by 0.41%, relative to August 2022.
It explained that the percentage change in the average CPI for the twelve month period ending September 2022 over the average of the CPI for the previous twelve month period was 17.43%, showing a 0.60% increase compared to 16.83% recorded in September 2021.
The NBS said that increases were recorded in all COICOP divisions that yielded the Headline index.
It explained that over the past two months, there has been a decline in headline inflation on a month-on-month basis due to a decline in the changes in the food index relative to the reference month index which is due to the present harvest season.
The NBS attributed the increase in annual inflation (Year-on-Year basis) to the disruption in the supply of food products, increase in import cost due to the persistent currency depreciation and the general increase in the cost of production.
“On a year-on-year basis, in the month of September 2022, the urban inflation rate was 21.25 %, which was 4.06% higher compared to the 17.19% recorded in September 2021, while the rural inflation rate in September 2022 was 20.32% on a year-on-year basis; this was 4.24% higher compared to 16.08% recorded in September 2021,” the NBS said.
GIK/APA