APA – Lagos (Nigeria)
The National Bureau of Statistics (NBS) has announced that Nigeria’s inflation rate for the month of September 2023 increased to 26.72% relative to the August 2023 inflation rate, which was 25.80%.
The NBS said in its monthly report of the Consumer Price Index (CPI), which measures inflation on Monday that the September 2023 headline inflation rate showed an increase of 0.92% points when compared to the August 2023 headline inflation rate.
It added that 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%.
“This shows that the headline inflation rate (year-on-year basis) increased in September 2023 when compared to the same month in the preceding year (i.e., September 2022).
“Furthermore, on a month-on-month basis, the headline inflation rate in September 2023 was 2.10%, which was 1.08% lower than the rate recorded in August 2023 (3.18%),” it said.
According to the report, in September 2023, the rate of increase in the average price level was less than the rate of increase in the average price level in August 2023.
The report explained that percentage change in the average CPI for the twelve-month period ending September 2023 over the average of the CPI for the previous twelve-month period was 22.90%, showing a 5.47% increase compared to 17.43% recorded in September 2022.
On urban inflation, the report said that the inflation rate was 28.68%, which is 7.43% points higher compared to 21.25% recorded in September 2022 and 2.24% in September 2023, which was 1.05% points lower compared to August 2023 (3.29%).
The report added that 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,” it said.
GIK/APA