NIGERIA: Inflation Increases by 26.72%
Nigeria has experienced a significant increase in inflation, reaching a rate of 26.72% in September 2023. There was a slight increase of 0.92% from August's percentage of 25.80% and was primarily due to the surging cost of food and the challenging economic conditions resulting from the removal of fuel subsidy earlier in May.
According to the most recent Consumer Price Index report for September 2023, the National Bureau of Statistics revealed on Monday that there has been an increase in inflation. This rise in inflation is primarily attributed to the elimination of petrol subsidies and the devaluation of the official exchange rate, both of which are having significant effects on consumer prices. The report was posted on the NBS X social media page (formerly Twitter)
The report read, “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 food inflation rate in September 2023 increased by 7.30% points compared to September 2022 and this rise in inflation was due to higher prices of oil and fat, bread and cereals, potatoes, yam and other tubers, fish, fruit, meat, vegetables, and milk, cheese, and eggs, the report stated.
Noticeably, on a month to month analysis, the food inflation rate in August 2023 was 3.87% while September was 2.45% showing a 1.41% decrease and this decline in inflation was caused by a decrease in the high rate of average prices of potatoes, yam and other tubers, bread and cereals, fruits, and fish.
