Nigeria’s inflationary trend has maintained consistent increasing records, with the latest statistics from the National Bureau of Statistics (NBS) for the month of September, 2022 showing 20.77 percent.
This was higher than that of previous month of August, 2022, which was 20.52 percent.
According to the NBS, the increase was attributed to Disruption in the supply of food products, Increase in import cost due to the persistent currency depreciation and General increase in the cost of production.
The NBS Consumer Price Index statistics released Monday showed that “In September 2022, on a year–on-year basis, the headline inflation rate was 20.77%. This 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.
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.
“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.
However, the NBS noted 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.
In the case of Urban inflation, there is observed increase in that 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.
On a month-on-month basis, the urban inflation rate was 1.46% in September 2022, this was a 0.34% decline compared to August 2022 (1.79%). The corresponding twelve-month average for the urban inflation rate was 17.94% in September 2022. This was 0.53% higher compared to the 17.41% reported in September 2021.
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.
On a month-on-month basis, the rural inflation rate in September 2022 was 1.27%, down by 0.48% compared to August 2022 (1.75%). The corresponding twelve-month average for the rural inflation rate in September 2022 was 16.94%. This was 0.68% higher compared to the 16.26% recorded in September 2021
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